On October 1, 2017 the company paid P 18,000 for a one-year insurance policy. Insurance Expense was debited and Cash was credited. The account to be debited and its amount to be recorded on Dec. 31 , 2017 is Insurance Expense/ Php 13,500 Insurance Expense/ Php 4,500 Prepaid Insurance/ Php 13,500 Prepaid Insurance/ Php 4,500