On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) decreased by $1,300. During 2016, cash payments for future insurance coverage totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. O A. Prepaid Insurance Expense (dr) $5,000 Cash (or) $5,000 B. "none of the answer choices provided are correct. C. Insurance Expense (dr) $3,800 Prepaid Insurance Expense (c) $3,800 D. Insurance Expense (dr) $6,300 Prepaid Insurance Expense (c) $6,300 E Insurance Expense (dr) $1,300 Prepaid Insurance Expense (Cr) $1,300 In June a company paid $400 for July utilities. Select the entry below to record the cash payment . Utilities Expense 400 Cash 400 B. None of the answer choices provided are correct. Prepaid Utilities Expense 400 Cash 400 D. 400 Utilities Payable Cash 400 OE 400 Utilities Expense Utilities Payable 400