On March 1 2013 Jimenez purchased a one year insirance policy for 2400. On that date Jimenez debited prepaid insurance for 2400. If Jimenez desires to prepare financial statements at the end of March the adjusting journal entry would include:
- debit to insurance expense for 2400
- debit to insurance expense for 200
- credit to insurance expense for 2200
- credit to prepaid insurance for 2200
- none of these