Debrief Question:Suppose you revoked the tax-exempt status of Groover's Dance Club and it had prepald $3,000 for a three year insurance policy and is under an accrual method of accounting. What is the appropriate journal entry for the purchase and deductible expenses each year? Prepaid Insurance S3,000 Cash $3,000 Select Insurance Expense $3.000 Prepaid Expense $3,000 Insurance Expense Selet B Answer $3,000 Cash 53,000 Prepaid Insurance $3.000 Cash $3.000 Seledt Answer Insurance Expense $1,000 Prepaid Expense $1000 Prepaid Insurance $3,000 Select Answer Cash $3.000