Cornhusker Supplies Inc. purchased a 12-month insurance policy on March 1, 2016 for $2,640. At March 31, 2016, the adjusting journal entry to record expiration of this asset will include a Select one: a. debit to Insurance Expense and a credit to Prepaid Insurance for $220. b. debit to Prepaid Insurance and a credit to Cash for $2,640. c. debit to Insurance Expense and a credit to Cash for $220 d. debit to Prepaid Insurance and a credit to Insurance Expense for $275