On January 1, 2015, Peach Company purchased a five-year insurance policy for $5,000. If the cost was debited to Prepaid Insurance, the adjusting entry at the end of 2015 is: Select one: a. Debit Prepaid Insurance, $360; credit Insurance Expense, $360 b. Debit Insurance Expense, $1,000, credit Prepaid Insurance $1,000. c. Debit Prepaid Insurance, $1,000; credit Insurance Expense, $1,000. d. Debit Insurance Expense, $360; credit Prepaid Insurance, $360