Business, 30.09.2021 19:10, morbidodyssey

Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? Group of answer choices

debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000

debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000

debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000

debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000

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Which of the following is the proper adjusting entry, based on a prepaid insurance account balance b...