O 1.68 Question 16 On February 1. 20X1, MyScar Company paid $3,200 for an insurance policy on some equipment that will be in effect for the 12 months from February 1, 20X through January 31, 20X2. MyScar recorded this payment on February 1 by debiting Insurance Expense. On July 1. 20X1, MyScar paid an additional $4,600 for an insurance policy on a building that will be in effect for the 12 months from July 1, 20X1 through June 30.20X2. MyScar recorded this payment on July 1. 20X1 by debiting Prepaid Insurance. On December31, 20X1, MyScar makes one summary adjusting entry to ensure that the amount of Insurance Expense for 20X1 and the Prepaid Insurance amou of December 31, 20X1 are both correct. Note: Financial statements are only prepared and reported annually at calendar year end, December 31 20X1. The necessary summary adjusting entry for December 31 includes which of the following? A DEBIT to Insurance Expense for $2.033 O A CREDIT to Prepaid Insurance for $2,933 A DEBIT to Insurance Expense $2,300 O A CREDIT to Prepaid Insurance for $2,300