On January 1, 2020, Power Company purchased a one-year insurance policy for $2,400. When the company closes its books and prepares financial statements at the end of January, what entry should be made regarding this item on January 31, 2020? OA Balance sheet Incme statement Cash flow statement Liabilities SE Expenses +2,400 OR OC OD Assets +2,400 Assets -2.400 -200 -200 Assets +2,400 Balance sheet Assets Liabilities SE -200 Balance sheet Liabilities SE -2600 Revenue -200 Expenses NI Income statement Revenue Expenses NI Income statement +200 -200 -200 Balance sheet Income statement Liabilities SE Revenue Expenses NI Cash flow statement Revenue Expenses NI Revenue Expenses NI +200 Revenue -200 Cash flow statement Expenses NI +2,600 -2,600 Revenue +200 NI -2,400 Cash flow statement Revenue Expenses -200 NI

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