What is the proper adjusting entry at April 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $16,000, and unexpired amounts per analysis of policies, $6,000?
A) debit Insurance Expense, $6,000; credit Prepaid Insurance, $6,000
B) debit Insurance Expense, $16,000; credit Prepaid Insurance, $16,000
C) debit Prepaid Insurance, $10,000; credit Insurance Expense, $10,000
D) debit Insurance Expense, $10,000; credit Prepaid Insurance, $10,000
D
Business
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