Beach Company paid $3688 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: Debit Insurance Expense and credit Prepaid Insurance, $2612 Debit Prepaid Insurance and credit Insurance Expense, $1076 Debit Insurance Expense and credit Prepaid Insurance, $1076 Debit Prepaid Insurance and credit Insurance Expense, $2612