Choose the explanation that most closely describes the transaction. Cash 5.925 Accounts Receivable 5.925 To record an accrued revenue Incorrect. This is not an adjusting entry To record an accrued expense To record the uneamed income that has been used for the period To record the payment received from a credit customer Based on the following information, determine the accounts and amount for the adjusting entry for the month ended June 30. The Prepaid Insurance account balance on June 30 is $3,048, representing a prepayment of one- year's insurance. The insurance was prepaid on June 1. Debit [Select) Credit [Select) for $1,524 Answer 1: Insurance Expense Answer 2: Prepaid Insurance Answer 3: $1,524