A business paid $1,380 for a 2 -year insurance policy on April 30. The policy starts on May 1. The company's year-end is October 31 . The year-end adjusting entry required is: Select one: a. Debit Prepaid Insurance, $57.50; credit Insurance Expense, $57.50 b. Debit insurance expense, $345; credit Prepaid Insurance, $315. c. Debit Insurance expense, $1,380; credit Prepaid insurance, $1,380. d. Debit Insurance Expense, 287.50; credit Prepaid Insurance, $287.50