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Hurley Company paid $52,800 for a four-year insurance policy on September 1 and recorded the...

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Accounting

Hurley Company paid $52,800 for a four-year insurance policy on September 1 and recorded the $52,800 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Hurley make on December 31, the end of the accounting period (no previous adjustment has been made)? Select one: A. Prepaid Insurance 4,400 Insurance Expense 4,400

B. Insurance Expense 13,200 Prepaid Insurance 13,200

C. Insurance Expense 4,400 Prepaid Insurance 4,400

D. Prepaid Insurance 48,400

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