Business, 11.03.2020 06:30 falabit

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2016, and charged the $4,320 premium to Insurance expense. At its December 31, 2016, year-end, Yummy Foods would record which of the following adjusting entries?

Insurance expense

900

Prepaid insurance

3,420

Insurance payable

4,320

Insurance expense

900

Prepaid insurance

900

Prepaid insurance

900

Insurance expense

900

Prepaid insurance

3,420

Insurance expense

3,420

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Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2016, and...

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