Mrs. Gupta purchased insurance in advance for $2,400 for 12 months. Record adjusting entry for insurance expiration at end of 7 months: A) Debit Prepaid Insurance $2,400; Insurance Expense $2,400 B) Debit Prepaid Insurance $1,000; Insurance Expense $1,000 C) Debit Insurance expense $1,400; Credit Prepaid Insurance $1,400 D) Debit Prepaid Insurance $1,400; Credit Insurance Expense $1,400 O A. Debit Prepaid Insurance $2,400; Insurance Expense $2,400 O B. Debit Prepaid Insurance $1,000; Insurance Expense $1,000 O C. Debit Insurance expense $1,400 ; Credit Prepaid Insurance $1,400 O D. Debit Prepaid Insurance $1,400; Credit Insurance Expense $1,400