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What the adjusting entry needed on december

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Question 1: On June 30, 2017, Cristo Company purchased a two-year fire insurance policy at a cost of $12,000. The policy covers the period July 1, 2017, to June 30, 2019. If Cristo Company used the expense approach to record the insurance purchased on June 30, the adjusting entry needed on December 31, 2017, would include a debit to

Option 1: Insurance Expense for $3,000

Option 2: Insurance Expense for $9,000

Option 3: Prepaid Insurance for $3,000

Option 4: Prepaid Insurance for $9,000

Reference no: EM132650707

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