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Business, 22.04.2020 18:59 khloeallnn

Gibson Company paid $12,000 on June 1, 2014 for a two-year insurance policy and recorded the entire amount as Insurance Expense. The December 31, 2014 adjusting entry is A. Debit Prepaid Insurance and credit Insurance Expense, $3,500 B. Debit Prepaid Insurance and credit Insurance Expense, $8,500 C. Debit Insurance Expense and credit Prepaid Insurance, $3,500 D. Debit Insurance Expense and credit Prepaid Insurance, $8,500

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Gibson Company paid $12,000 on June 1, 2014 for a two-year insurance policy and recorded the entire...

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