On December 1, XYZ paid $2,400 for the annual insurance premium covering the twelve-month period beginning on December 1. XYZ recorded the $2,400 payment as of December 1 with a debit to the current asset Cash and a credit to the current liability Unearned Revenues. XYZ prepares monthly financial statements at the end of each calendar month. What is the adjusting entry at December 31: Question 5 options: a) dr. unearned revenues $200 cr. prepaid insurance $200 b) dr. unearned revenue $2400 dr. insurance expense $200 dr. prepaid insurance $2200 cr. cash $4800 c) dr. unearned revenues $2400