On November 1,2010 , the comipany paid $2,000 in cash for a one-year insurance policy that ends on November 1, 2011. Record the adjusting entry on December 31, 2010. \begin{tabular}{|lc|} \hline Insurance expense & $333 \\ \hline Prepaid insurance & $333 \\ \hline Prepaid insurance Cash & $1,667 \\ \hline Prepaid insurance Cash & $1,667 \\ \hline Insurance expense Prepaid insurance & $1,667 \\ \hline \end{tabular}