On april 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning on that date. the books are adjusted only at year-end. which of the following correctly describes the effect on the financial statements of the december 31, 2016 adjusting entry? a. prepaid insurance will decrease $750.b. insurance expense will increase $750.c. insurance expense will increase $2,250.d. prepaid insurance will increase $2,250.
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