On December 31, 2014, Avery Corporation paid $27,000 for next year’s insurance policy.

| September 14, 2016

Question
On December 31, 2014, Avery Corporation paid $27,000 for next year’s insurance policy. This transaction should be recorded as follows by Avery:

Is it A,B, C or D?
General Journal Debit Credit
A. Insurance expense 27,000
Insurance payable 27,000
B. Prepaid insurance 27,000
Insurance payable 27,000
C. Prepaid insurance 27,000
Cash 27,000
D. Insurance expense 27,000
Cash 27,000
rev: 04_17_2015_QC_CS-13869

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