Assume Idaho Company recorded the following adjusting journal entry at year-end:
Insurance expense $3,200
Prepaid insurance $3,200
If the beginning balance in prepaid insurance was $200 and $8,500 was paid for an insurance premium during the year, what is the ending balance in the prepaid insurance account after the above adjusting entry?
A$5,500. B$8,200. C$5,200. D$5,700.