On September 1, 2019, Jay Walker Company purchased a one-year insurance
policy for $1,140. The correct adjusting entry on December 31, 2019 is:
debit insurance Expense $380; credit Prepaid Insurance $380
debit insurance Expense $855; credit Prepaid Insurance $855
debit Prepaid Insurance $95; credit Insurance Expense $95
debit Prepaid Insurance $1,140; credit Insurance Expense $1,140
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