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On March 31. QU Ltd. paid 53 600 plus 10% GST for 18-month insurance policy that starts from April. The accountant recorded this transaction as:

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On March 31. QU Ltd. paid 53 600 plus 10% GST for 18-month insurance policy that starts from April. The accountant recorded this transaction as: Debit Insurance Expenses 3600 Debit GST Receivables $360; Credit Cash 3960. What would be the adjusting entry needed on June 302 O Debit Prepaid insurance 3375; Credit Insurance Expense 3375. O Debit Insurance Expense 3375; Prepaid Insurance 3375 O Debit Prepaid Insurance 225; Credit Insurance Expense 225 Debit Insurance Expense 225; Prepaid Insurance 225 None of the above

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