Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2016, and charged the $4,320 premium to Insurance expense. At its December 31, 2016, year-end, Yummy Foods would record which of the following adjusting entries?
Insurance expense
900
Prepaid insurance
3,420
Insurance payable
4,320
Insurance expense
900
Prepaid insurance
900
Prepaid insurance
900
Insurance expense
900
Prepaid insurance
3,420
Insurance expense
3,420
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