Harrod Company paid $6,100 for a 4-month insurance premlum in advance on November 1 , with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6.100, and no adjustments had been made previously. The adjusting entry required on December 31 is: Multiple Choice Debit Prepaid lnsurance, $3,050, credit insurance Expense, $3,050. Debit insurance Expense, 51,525 ; creds Prepaid insurance. $1.525. Debit Cash, $6,100; Credit Prepaid insurance, $6,100 Debit insurance Expnse, $3,050, credit Prepadi insurance, $3,050 Debit Prepaid insurance, 51,525 ; credt insurance Expense, 51,525