Help Save & Exit Harrod Company paid $5,100 for a 4-month insurance premium 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 $5.100, and no adjustments had been made previously. The adjusting entry required on December 31 is Multiple Choice Debit Insurance Expense 52.550, credit Prepaid Insurance $2.550 Debit Prepaid insurance $1275. credit Insurance Expense, 51275 Debt repud Ingrance $2.550, credit Insurance Expense $2.550 Debt Insurance Expense 51275. credit Prepaid Insurance $1.275 Debit Cash 55300 Credit Prepaid insurance 55.300