On July 1, 2017 Albacore Company Paid $5,200 for a 1-Year

Multiple Choice

On July 1, 2017 Albacore Company paid $5,200 for a 1-year insurance policy. To record this transaction Albacore 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.