Beach Company paid $ 3527 on June 1, 20x8 for a two-year insurance policy and recorded the entire amount as Insurance Expense. The December 31, 20x8 adjusting entry is:: Select one: O a. Debit Prepaid Insurance and credit Insurance Expense, $1029 Ob. Debit Prepaid Insurance and credit Insurance Expense, $2498 Oc. Debit Insurance Expense and credit Prepaid Insurance, $1029 Od. Debit Insurance Expense and credit Prepaid Insurance, $2498