X company prepares annual financial statements on september

Reference no: EM13573015

X Company prepares annual financial statements. On September 1, 2014, X Company paid $63,000 in advance for a two-year insurance policy. After the adjusting entry on December 31, 2014, what will the 2014 financial statements show?

Choose from an answer below:

A. Prepaid Insurance, $15,750;   Insurance expense, $47,250
B. Prepaid Insurance, $47,250;   Insurance expense, $15,750
C. Prepaid Insurance, $0;   Insurance expense, $63,000
D. Prepaid Insurance, $10,500;   Insurance expense, $52,500
E. Prepaid Insurance, $52,500;   Insurance expense, $10,500
F. Prepaid Insurance, $63,000;   Insurance expense, $0

Reference no: EM13573015

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