Multiple Choice
On March 31,2020 Exacto Company paid $5,200 for a 1-year insurance policy.To record this transaction Exacto Company should
A) decrease Cash and increase Insurance Expense.
B) decrease Cash and increase Prepaid Insurance.
C) increase Accounts Payable and increase Insurance Expense.
D) increase Cash and increase Prepaid Insurance.
Correct Answer:
Verified
Correct Answer:
Verified
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