On October 31, 2020 Diamond Corp. paid 6 months of insurance in advance for $30,000 (November 2020 to April 2021). The amount was debited to prepaid insurance. Assume Diamond Corp. records adjusting journal entries monthly, what adjustment is needed at its fiscal year end, December 31, 2020?

a)	Debit Insurance Expense $10,000 and credit Prepaid Insurance $10,000.

b)	Debit Prepaid Insurance $10,000 and credit Insurance Revenue $10,000.

c)	Debit Prepaid Insurance $5,000 and credit Insurance Expense $5,000.

d)	Debit Insurance Expense $5,000 and credit Prepaid Insurance $5,000.

e)	Debit Prepaid Insurance $10,000 and credit Insurance Expense $10,000.

can you explain why it's d please