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Accounting Question
On April 1, 2007, the premium on a one-year insurance policy on equipment was paid amounting to $3000 with the insurance starting on that date. At the end of December 31, 2007 (end of the accounting period), the financial statements for 2007 would report:
A) Insurance expense, $3,000, Prepaid insurance $0, B) Insurance expense, $0; Prepaid insurance $3000, C) Insurance expense, $750; Prepaid insurance $2,250, D) Insurance expense, $2,250; Prepaid insurance $750. |
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