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What is the proper adjusting entry at December

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Question - What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is $3,250?

a. Debit Insurance Expense, $3,250; credit Prepaid Insurance, $3,250.

b. Debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500.

c. Debit Prepaid Insurance, $4,500; credit Insurance Expense, $4,500.

d. Debit Insurance Expense, $7,750; credit Prepaid Insurance, $7,750.

e. Debit Cash, $7,750; Credit Prepaid Insurance, $7,750.

Reference no: EM132610274

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