Accounting request for information Red Rock Stone purchased a one-year liability insurance (Details below)?

policy on January 1st of this year for $3,600 and recorded it as a prepaid expense.From the selections from A thru D, select the efficacy that would be utilized in the closing entry for insurance expence and prepaid insurance during the closing process at the end of the physical spell on January 31st. A) $3,600 B) $36.00 C) $300.00 D) $360.00

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Answers:

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C. But I would not have gone to the trouble to expense the thing monthly; I'd own simply expensed the whole thing surrounded by January and been done with it.

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