D Question 34 1 pts On October 1, ABC Corporation purchased a 2 year insurance policy for $7,200. On October 1 the company recorded the cash payment. They preparing their financial statements on December 31, and no adjusting entries have been recorded since the purchase of the insurance policy. What is the adjusting entry for December 31? O Debit Insurance Expense $7,200, Credit Prepaid Insurance $7,200 O Debit Prepaid Insurance $900, Credit Insurance Expense $900 O Debit Insurance Expense $900, Credit Prepaid Insurance $900 O Debit Prepaid Insurance $7,200, Credit Insurance Expense $7,200