On September 1, a company paid the $12,000 premium on a one-year insurance policy with beniefits beginning on that date. Assuming no previous adjustments have been made for the expired insurance, the correct adjusting entry on December 31, would be: Multiple Choice O Account Title Prepaid Insurance Cash Account Title Insurance Expense Prepaid Insurance Account Title Insurance Expense Prepaid Insurance Debit Credit 4,000 Debit 12,000 4,000 Credit 12,000 Debit Credit 3,000 3,000