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Which is proper adjusting entry based on a prepaid insurance

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Problem 1: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30?

Option 1: debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000
Option 2: debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000
Option 3: debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000
Option 4: debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000

Reference no: EM132984900

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