On January 1, Fey Properties paid $10,080 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 312 Select one: a. Detit Cash for $6.720 and Credit Prepaid insurance for $6.720 b. Debt Insurance expense for 53.360 and Credit Prepard insurance for $3,860 Oc Debt Insurance expense for $200 and Credit Prepaid insurance for $280 Od Debit Cash for $3.360 and Credit Prepaid insurance for 51.360 O Debt Prepaid insurance for 5280 and Credit Insurance expense for $280