Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A. insurance expense 1,750 Prepaid insurance 1,750
B. prepaid insurance 1,750 insurance expense 1,750
C. insurance expense 1,750 prepaid insurance 2,450 accounts payable 4,200
D. insurance expense 2,450 prepaid insurance 2,450 Show the work
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