On October 1 of Year 1 Lesikar Company paid $1,200 cash for an insurance policy that would provide protection for a one year term. Which of the following adjusting entries would be required on December 31, Year 1 to recognize Insurance expense? a. Insurance Expense 300 Prepaid insurance 300 b. Insurance Expense 900 Prepaid Insurance 900 c. Prepaid Insurance 300 Insurance Expense 300 d. Prepaid insurance 900 Insurance Expense 900