A business paid $2,940 for a 1-year insurance policy on May 30 . The policy starts on June 1. The company's year-end is December 31 . The year-end adjusting entry required is: Select one: a. Debit Prepaid Insurance, $1,470; credit Insurance Expense, $1,470. b. Debit Insurance expense, $245; credit Prepaid insurance, $245. c. Debit Insurance Expense, $1,960; credit Prepaid Insurance, $1,960. d. Debit Insurance expense, $1,715; credit Prepaid Insurance, $1,715