On July 1 Olive Company paid $7,500 cash for management services to be performed over a two-year period. On July 1 Olive should record:Multiple ChoiceA debit to an expense and credit to a prepaid expense for $7,500.A debit to an expense and credit to Cash for $7,500.A debit to a prepaid expense and a credit to Cash for $7,500.A credit to a prepaid expense and a debit to Cash for $7,500.A debit to Cash for $7,500 and a credit to an expense for $7,500.