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6-08-2021 On 1st July 2020, Goodwill Traders paid OMR 12,000 as an insurance premium for their vehicles. The coverage starts from 1st July 2020 for

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6-08-2021 On 1st July 2020, Goodwill Traders paid OMR 12,000 as an insurance premium for their vehicles. The coverage starts from 1st July 2020 for one year. Which one of the following will be included in the adjustment entry on 31 December 2020? a. Debit Prepaid Insurance OMR6,000, Credit Insurance Premium OMR6,1000 b. Debit Insurance Expense OMR 6,000, Credit Prepaid Insurance OMR6,000 C. Debit Insurance Expense OMR12,000, Credit Prepaid Insurance OMR12,000 d. Debit Prepaid Insurance OMR6,000, Credit Insurance Expense OMR6,000

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