Business, 30.11.2021 23:50, jadeandryna0609

On June 1, 20X1. Mascare Company paid $3,600 for an insurance policy on some equipment that will be in effect for the 12 months tomme 1.20x1 Anh 31. 20x2. M. Scare recorded this payment on June bry debiting Insurance Expense On September 1, 20x1, MaScore paid an additional $5.000 for an insurance policy on a bolding that will be in effect for the 12 monthstrom Stotember 1, 201 through August 31. 20X2. Mascare recorded this payment on September 1 by debiting Prepaid insurance On December 31, 20X1. Mascare makes one summary adjusting entry to ensure that the amount of insurance Expense for 20%1 and the Prepaid cancetom as of December 31, 20X1 are both correct Note: Financial statements are only prepared and reported annually at calendar yearend December 31 The necessary summary adjusting entry for December 31, 20X1 Includes which of the following A CREDIT to Prepaid Insurance for $2.100
A DEBIT to Insurance Expense for $167
A DEBIT to Insurance Expense for $1.500
A CREDIT to Prepaid Insurance for $1.667

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On June 1, 20X1. Mascare Company paid $3,600 for an insurance policy on some equipment that will be...