At the beginning of a period there is a balance of $4,000 in Prepaid Insurance. During the period you purchase an additiona $18,000 of insurance. At the end of the period your analysis indicates that $3,000 is the amount applicable to future periods. What would be the proper adjusting entry at the end of this period? Select one: O a. debit Insurance Expense 19,000 and credit Prepaid Insurance 19,000 b. debit Insurance Expense 19,000 and credit Cash 19,000 o c. debit Insurance Expense 3,000 and credit Prepaid Insurance 3.000 o d. debit Prepaid insurance 18,000 and credit Insurance Expense 18,000