lge as your default browser? Question 8 XYZ Inc. received their annual insurance invoice on January 1st, in the amount of $12,000. What would be the appropriate journal entry to record this transaction? At the end of the first quarter, what would be the balance in Prepaid Expenses and Insurance Expense? Debit prepaid expenses and credit cash in the amount of $12,000 on January 1 st. By the end of the first quarter prepaid expenses will have a balance of $8,000 and insurance expense will be $4,000 Debit prepaid expenses and credit accounts payable in the amount of $12,000 on January 1 st. By the end of the first quarter prepaid expenses will have a balance of $9,000 and insurance