Cheyenne Corp. purchased a 12-month insurance policy on March 1, 2017 for $7680. At March 31, 2017, the adjusting journal entry to record expiration of this asset will include: a.) a debit to Prepaid Insurance and a credit to Insurance Expense for $768. b.) a debit to Prepaid Insurance and a credit to Cash for $7680. c.) a debit to Insurance Expense and a credit to Cash for $640. d.) a debit to Insurance Expense and a credit to Prepaid Insurance for $640.

1. An insurance policy, good for one year, was purchased on April 1, 2020 and has a valueof $25,000.a) Write the journal entry to record the original purchase of the insurance policy onApril 1.b) Write the adjusting journal entry required on April 31, 2020 to reflect the use of onemonth of the insurance service. What, concerning Insurance, would appear on theBalance Sheet? What would appear on the Income Statement?c) Write the adjusting journal entry required on May 31, 2020 to reflect the use of onemore month of the insurance service. What, concerning Insurance, would appear onthe Balance Sheet? What would appear on the Income Statement?

Juno Company purchased a 16-month insurance policy on May 1, 2022 for $5,600. On this date, the entire amount was debited into Prepaid Insurance. Prepare the adjusting journal entry as of December 31, 2022.