Question 17 of 20 At 31 July 2020, the financial year-end of Mahikeng Traders, the entity's accounting records showed that the cash payment for 2.0 Points insurance for the financial year was R22 500. Mahikeng Traders has a monthly insurance expense of R2 500. Mahikeng Traders started trading in 2016. Which one of the options below reflects the correct entry for the necessary adjustment in the accounting records of Mahikeng Traders for the year ended 31 July 2020? A. Debit the insurance expense account with R2 500, and credit the accrued expense account with R2 500. B. Debit the insurance expense account with R7 500, and credit the accrued expense account with R7 500. C. Debit the accrued expense account with R2 500, and credit the insurance expense account with R2 500. D. Debit the accrued expense account with R7 500, and credit the insurance expense account with R7 500