48.Gibson Company paid $24,000 on June 1, 2017 for a two-year insurance policy and recorded the entire amount as Insurance Expense. The December 31, 2017 adjusting entry is a. debit Insurance Expense and credit Prepaid Insurance, $7,000. b. debit Insurance Expense and credit Prepaid Insurance, $17,000. c. debit Prepaid Insurance and credit Insurance Expense, $7,000 d. debit Prepaid Insurance and credit Insurance Expense. $17,000