Assume that $17,300 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Debit prepaid insurance $17,300, credit insurance expense $17,300. Debit cash $17,300, credit prepaid insurance $17,300 Debit prepaid insurance $17,300, credit cash $17,300. Debit insurance expense $17,300, credit prepaid insurance $17,300. Assume that $17,300 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Debit prepaid insurance $17,300, credit insurance expense $17,300. Debit cash $17,300, credit prepaid insurance $17,300 Debit prepaid insurance $17,300, credit cash $17,300. Debit insurance expense $17,300, credit prepaid insurance $17,300.