October, Muscat company Paid OMR 12,000 for a one-year insurance policy. al Entry should be: SIT Prepaid Insurance OMR 3,000 and CREDIT Cash OMR 3,000 BIT Prepaid Insurance OMR 12,000 and CREDIT Cash OMR 12,000 BIT Insurance expenses OMR 12,000 and CREDIT Cash OMR 12,000 BIT Cash OMR 12,000 and CREDIT Prepaid Insurance OMR 12,000 entry-not a transaction