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An Insurance Premium of $18,000 was paid for the entire year (12 months) in advance. This payment was recorded correctly. During the past 6 months,

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An Insurance Premium of $18,000 was paid for the entire year (12 months) in advance. This payment was recorded correctly. During the past 6 months, however, no adjustments have been made. You are trying to record the adjusted journal entry for this (six months' insurance). How should this adjustment be journalized? DR: Prepaid insurance 9,000; CR: Insurance Expense 9,000 DR: Cash 9,000; CR: Prepaid Insurance 9,000 DR: Prepaid Insurance 9,000: CR: Cash 9,000 DR: Insurance Expense 9,000; CR: Prepaid Insurance 9,000

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