Bieber Company paid $3,408 on June 1, 2015 for a TWO-YEAR insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 31, 2015 adjusting entry is: a. Debit Insurance Expense and credit Prepaid Insurance $994. b. Debit Insurance Expense and credit Prepaid Insurance $2,414. c. Debit Prepaid Insurance and credit Insurance Expense $994. d. Debit Prepaid Insurance and credit Insurance Expense $2,414