Cornhusker Supplies Inc. purchased a 12-month insurance policy

f an adjusting entry is not made for an accrued revenue… A) expenses
May 5, 2020
During 2020, its first year of operations, Aida’s Bakery had revenues
May 5, 2020

Cornhusker Supplies Inc. purchased a 12-month insurance policy on

March 1, 2020 for $2640. At March 31, 2020, the adjusting journal entry to record expiration of this asset will include a

A) debit to prepaid insurance and a credit to insurance expense for $293
B) debit to Insurance expense and a credit to prepaid insurance for $220
C) debit to prepaid insurance and a credit to cash for $2640
D) debit to insurance expense and a credit to cash for $220

 
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