12 (1 point) On September 1, 20X1, Upholstery Masters purchased a one-year insurance policy for $720. The correct adjusting entry on December 31, 20X1, is: O debit Insurance Expense $60; credit Prepaid Insurance $60 O debit Insurance Expense $240; credit Prepaid Insurance $240 debit Prepaid Insurance $60; credit Insurance Expense $60 O debit Prepaid Insurance $240; credit Insurance Expense $240 Question 13 (1 point)