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Determine journal entries would be use to record transaction

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Question 1: Green Company purchases a 2-year comprehensive insurance policy for $2,400. Which of the following journal entries would be used to record this transaction?

Option a. Debit Cash $2,400; credit Prepaid Insurance $2,400

Option b. Debit Prepaid Insurance $2,400; credit Cash $2,400

Option c. Debit Cash $2,400; credit Insurance Expense $2,400

Option d. Debit Prepaid Insurance $2,400; credit Insurance Expense $2,400

Reference no: EM132472401

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