On January 1, 2020, Stanton Company purchased a two-year insurance policy for $2,400 and properly recorded it as Prepaid Insurance. On January 31, 2020, when the books are closed for the month, what adjusting entry must be made regarding the policy? Balance sheet Cash flow statement Income statement Assets Liabilities SE Revenue Expenses NI Revenue Expenses NI -100 -100 +100 -100 B. Balance sheet Income statement Cash flow statement Assets Liabilities SE Revenue Expenses NI Revenue Expenses NI -100 +100 -100 +100 +100 -100 C. Balance sheet Income statement Cash flow statement Assets Liabilities SE Revenue Expenses NI Revenue -100 -100 +100 -100 Expenses +100 NI -100 D. Balance sheet Income statement Cash flow statement Assets Liabilities. SE Revenue Expenses NI Revenue Expenses NI -100 -100 +100 -100 E. No entry is necessary- the policy is still in force..