Harrod company paid $4,800 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $4,800 and no adjustments had been made previously. the adjusting entry required on december 31 is: . debit prepaid insurance, $2,400; credit insurance expense, $2,400.b. debit cash, $4,800; credit prepaid insurance, $4,800.c. debit insurance expense, $1,200; credit prepaid insurance, $1,200.d. debit prepaid insurance, $1,200; credit insurance expense, $1,200.e. debit insurance expense, $2,400; credit prepaid insurance, $2,400.

You work as the sales manager for a company that sells office supplies to businesses of all sizes. because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on paper, pencils, pens, post-it notes, and other office supplies from the manufacturers. when reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. when you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part?