6 pts Question 16 On June 1, 20x1, MaScare Company paid $2,600 for an insurance policy on some equipment that will be in effect for the 12 months from June 1, 20x1 through May 31, 20X2. MaScare recorded this payment on June 1 by debiting Insurance Expense. On September 1, 20x1, MaScare paid an additional $3,700 for an insurance policy on a building that will be in effect for the 12 months from September 1, 20x1 through August 31, 20X2. Mascare recorded this payment on September 1 by debiting Prepaid Insurance. On December 31, 20x1, MaScare makes one summary adjusting entry to ensure that the amount of Insurance Expense for 20X1 and the Prepaid Insurance amount as of December 31, 20X1 are both correct. Note: Financial statements are only prepared and reported annually at calendar year end, December 31. The necessary summary adjusting entry for December 31, 20x1 includes which of the following? A CREDIT to Prepaid Insurance for $1,233 O A DEBIT to Insurance Expense for $1,083 A CREDIT to Prepaid Insurance for $1,517 O A DEBIT to Insurance Expense for $150 D Question 17