1 points Save Answer Rana Company prepaid insurance account is $8,950 before adjustment, and the expired amount per analysis of policies is $4,360. What is the proper adjusting entry at December 31, the end of the accounting period? O Debit Account payable, $3,250, credit Insurance expense. $3.250 O Debit Insurance Expense, $4,360, credit Prepaid insurance, $4,360 O Debit Prepaid Insurance, $4.590; credit Insurance expense, $4.590 Debit Cash, $8.950, Credit Prepaid Insurance, $8.950