Multiple Choice Question A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below. O Cash would be credited for $3,600. O Insurance expense would be debited for $300. O Insurance expense would be debited for $3,600. O Prepaid insurance would be credited for $3,600.

adusting journat entry on Decis 31 by selecting trom the choices below. Cash would be credted for $3,600. Insurance expense would be debited for $300 insurance expense would be debaed for $3.600 Prepasd insurance wosld be credited for $3,600