On April 1, Tule, Inc. paid $3,600 for an insurance premium ona three-year insur

Question

On April 1, Tule, Inc. paid $3,600 for an insurance premium ona three-year insurance policy. How does this transaction affectTule’s accounts? a. Increase insurance expense and decrease cash by$3,600 each b. Increase prepaid insurance and decrease cash by$3,600 each c. Increase unearned insurance and decrease cash by$3,600 each d. No effect at this time On April 1, Tule, Inc. paid $3,600 for an insurance premium ona three-year insurance policy. How does this transaction affectTule’s accounts? a. Increase insurance expense and decrease cash by$3,600 each b. Increase prepaid insurance and decrease cash by$3,600 each c. Increase unearned insurance and decrease cash by$3,600 each d. No effect at this time

Explanation / Answer

B is the journal recorded

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