Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Obtained and paid building and liability insurance coverage from Northwest Insurance Company. The two-year policy began on Feb 1 and has a premium of $54,000. Select one: O a. No journal entry entry or adjusting entry required O b. Dr. Insurance expense $4,500; Cr. Prepaid insurance $4,500 c. Dr. Prepaid insurance $54,000; Dr. Insurance expense $4,500; Cr. Prepaid insurance $4,500; Cr. Cash $54,000 d. Dr. Prepaid insurance $4,500; Dr. Cash $54,000; Cr. Prepaid insurance $54,000; Cr. Insurance expense $4,500 O e. Dr. Prepaid insurance $54,000; Dr. Insurance expense $6,750; Cr. Prepaid insurance $6,750; Cr. Cash $54,000 O f. Dr. Prepaid insurance $4,500; Cr. Insurance expense $4,500 g. Dr. Prepaid insurance $6,750; Dr. Cash $54,000; Cr. Prepaid insurance $54,000; Cr. Insurance expense $6,750