9.Hardwood Supplies Inc. purchased a 12-month insurance policy on March 1, 2017 for 3,000. At March 31, 2017, the adjusting journal entry to record expiration of this asset will include a .(2 Points)

debit to Prepaid Insurance and a credit to Cash for 3,000.

debit to Insurance Expense and a credit to Prepaid Insurance for 500

debit to Insurance Expense and a credit to Prepaid Insurance for 250

debit to Prepaid Insurance and a credit to Insurance Expense for 300.