On January 1, a company purchased a five-year insurance policy for $2,300 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Prepaid Insurance, $2,300; credit Cash, $2,300. Debit Prepaid Insurance, $1,840; credit Insurance Expense, $1,840. Debit Prepaid Insurance, $460, credit Insurance Expense, $460, Debit Insurance Expense, $460; credit Prepaid Insurance, $460. Debit Insurance Expense, $1,840, credit Prepaid Insurance, $1,840.