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QUESTION 1 Assume that $18,000 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Debit Cash $18,000, credit

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QUESTION 1 Assume that $18,000 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Debit Cash $18,000, credit Prepaid Insurance $18,000. ODebit Prepaid Insurance $18,000, credit Cash $18,000. Debit Insurance Expense $18,000, credit Prepaid Insurance $18,000. Debit Prepaid Insurance $18,000, credit Insurance Expense $18,000

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