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    devastar70's Avatar
    devastar70 Posts: 1, Reputation: 1
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    #1

    Apr 25, 2007, 09:05 PM
    debit or credit
    On October 1, 20x1, the Jernnigan Company paid $4800 for a one-year insurance policy. On December 31, 20x1, the adjusting entry would include

    a. a debit to Insurance Expense, $3,600
    b. a credit to Insurance Payable, $1,200
    c. a credit to Prepaid Insurance, $1,200
    d. a debit to Insurance Expense, $4000
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 26, 2007, 12:02 AM
    Answer C
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