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? of Select one: 0 a. Debit Insurance expense $500; Credit Prepaid insurance $500 b. Debit Insurance expense $1,500; Credit Prepaid insurance $1,500 c. Debit Insurance expense $500, Credit Insurance payable $500 d. Debit Insurance expense $6,000; Credit Prepaid insurance $6,000 Next page