On January 1, a company purchased a five-year insurance policy for $3,300 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 O. Debit Insurance Expense. $660, credit Prepaid Insurance, $660. 0 Debit Prepaid Insurance, $660; credit Insurance Expense, $660. 0 Debit Insurance Expense, $660; credit Prepaid Insurance, $2,640. 0 Debit Prepaid Insurance, $3,300; credit Cash, $3,300