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A company purchases a one-year insurance policy on June 1 for $840, correctly recording it as prepaid insurance. No adjustments have been make during the

A company purchases a one-year insurance policy on June 1 for $840, correctly recording it as prepaid insurance. No adjustments have been make during the year. The adjusting entry on December 31 is

debit Insurance Expense, $280 and credit Prepaid Insurance, $280

debit Prepaid Insurance, $720, and credit Cash, $720

debit Insurance Expense, $350 and credit Prepaid Insurance, $350

debit Insurance Expense, $490, and credit Prepaid Insurance, $ 490

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