1.On March 1, 20X3, Jimenez purchased a one-year insurance policy for $2,400. On that date, Jimenez debited Prepaid Insurance for $2,400. If Jimenez desires to prepare financial statements at the end of March, the adjusting journal entry would include a:

A. debit to Insurance Expense for $2,400.

B. debit to Insurance Expense for $200.

C. credit to Insurance Expense for $2,200.

D. credit to Prepaid Insurance for $2,200.

E. None of these.