On January 1, 2020, 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 2020 is 01) Debit Prepaid Insurance, $1,800; credit Cash, $1,800 O2) Debit Prepaid Insurance, $1,000; credit Insurance Expense, $1,000 3) Debit Prepaid Insurance, $360; credit Insurance Expense, $360 4) Debit Insurance Expense, $360; credit Prepaid Insurance, $360 5) Debit Insurance Expense, $1.000, credit Prepaid Insurance $1,000