In early November, 20X0, your company makes a $4,500 advance payment for six months' insurance and debits Prepaid Insurance for the entire amount. Before the books are closed for the year, you discover that no adjusting entry has been made. To correct this error, you will....

(a) debit Insurance Expense for $3,000

(b) credit Insurance Expense for $3,000

(c) debit Insurance Expense for $1,500

(d) debit Prepaid Insurance for $1,500