Business, 03.03.2020 02:57 maskythegamer

Tumbler, Inc. bought a 3-year insurance policy on August 1 for $3,900. Assume no other adjusting entries have been done this fiscal year. The adjusting entry on December 31 would be:A. debit Prepaid Insurance, $77, credit Insurance Expense, $77.B. debit Insurance Expense, $77, credit Prepaid Insurance, $77. C. debit Prepaid Insurance, $385, credit Insurance Expense, $385. D. debit Insurance Expense, $385; credit Prepaid Insurance, $385.E. debit Insurance Expense $542; credit Prepaid Insurance $542.

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Tumbler, Inc. bought a 3-year insurance policy on August 1 for $3,900. Assume no other adjusting ent...