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A company purchases a one-year insurance policy on June 1 for $1,260. On December 31, what should be the adjusting entry? (assume that the company

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A company purchases a one-year insurance policy on June 1 for $1,260. On December 31, what should be the adjusting entry? (assume that the company only makes adjusting entries at its December 31st year end) Debit Prepaid Insurance, $630; credit Cash, $630. Debit Insurance Expense, $735; credit Prepaid Insurance, $735. Debit Insurance Expense, $630; credit Prepaid Insurance, $630. Debit Insurance Expense, $525; credit Prepaid Insurance, $525

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