Question : 36.On October 1, 2016, Jay Walker Company purchased a one-year : 1169366
36.On October 1, 2016, Jay Walker Company purchased a one-year insurance policy for $660. The correct adjusting entry on December 31, 2016, is A. debit Insurance Expense $660; credit Prepaid Insurance $660 B. debit Insurance Expense $495; credit Prepaid Insurance $495 C. debit Prepaid Insurance $55; credit Insurance Expense $55 D. debit Insurance Expense $165; credit Prepaid Insurance $165 $660/12 months = $55 per […]