Adjusting journal entry, On March 1 2013 Jimenez purchased

Adjusting journal entry

Reference no: EM13786802

On March 1 2013 Jimenez purchased a one year insirance policy for 2400. On that date Jimenez debited prepaid insurance for 2400. If Jimenez desires to prepare financial statements at the end of March the adjusting journal entry would include:

debit to insurance expense for 2400
debit to insurance expense for 200
credit to insurance expense for 2200
credit to prepaid insurance for 2200
none of these

Reference no: EM13786802

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