On September 30, 2019, MNO Inc. paid $6,000 in advance for a one year insurance policy effective October 1, 2019. What is the adjusting entry required on October 31, 2019? Select one: O a. Debit Insurance expense $1,500; Credit Prepaid insurance $1,500 O b. Debit Insurance expense $6,000; Credit Prepaid insurance $6,000 O c. Debit Insurance expense $500; Credit Prepaid insurance $500 O d. Debit Insurance expense $500; Credit Insurance payable $500