Incurring Expenses: Insurance When a company incurs insurance expense, it records: Multiple Choice > A debit to insurance payable ( ) and a credit to cash ( ). A debit to prepaid insurance expense ( ) and a credit to cash ( ) A debit to insurance payable ( ) and a credit to insurance expense ( ) A debit to prepaid insurance expense( ) and a credit to cash(). A debit to insurance payable ( ) and a credit to insurance expense ( ). O A debit to insurance expense () and a credit to insurance retained earnings ( ). A debit to insurance expense () and a credit to prepaid insurance expense (h