Data Ltd uses accrual accounting and its financial year ends on 30 June. Expenses paid in advance are treated as assets. On 1 May 2022, Data Ltd pays $480 for a oneyear fire insurance policy that expires on 30 April 2023 . What is the journal entry made by Data Ltd on 30 June 2022 ? a) Dr Prepaid insurance $480 Cr Cash $480 b) Dr Prepaid insurance $80 Cr Insurance expense $80 c) Dr Insurance expense $480 Cr Prepaid insurance $480 d) Dr Insurance expense $80 Cr Prepaid insurance $80