JAN 31 Company had paid $3,000 for 6 months of insurance coverage on JAN 06. The correct entry was made. Prepare the corporations adjusting entry recognizing that one month of the insurance coverage has been used up. The correct adjusting journal entry would be a debit and credit to which accounts? 1) Accumulated depreciation - insurance 2) Depreciation expense - insurance. 3) One month insurance used up. 4) Insurance expense. 5) Unearned Revenue