Solved: What would be the balance in the prepaid insurance account, Accounting Basics

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What would be the balance in the prepaid insurance account

Question - Highlander Corporation prepaid $600 for insurance at the beginning of December. The payment covered the months of December, January, and February. What would be the balance in the prepaid insurance account at the end of December if Highlander's accountant makes the correct adjusting entry?

a. $200

b. $400

c. $100

d. $600

e. $300

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Accounting Basics: What would be the balance in the prepaid insurance account

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