On March 1, 2021 a company paid $30,000 in advance for a one-year insurance policy. What adjusting entry should be made on December 31, 2021? (Assume that no financial statements were prepared during the year and no adjusting entries have been recorded.) Multiple Choice Account Prepaid Insurance Insurance Expense Debit Credit 22,500 22,500 Account Insurance Expense Prepaid Insurance Debit Credit 25,000 25.000