QUESTION 23 at y does A company purchases an insurance policy on December 31, 2019 for $12,000. When to Prepaid Insurance for $12,000 and a credit to Cash for $12,000. This policy will come the company December 31, 2020. What is the journal entry required as of January 31, 2020 to recome one more pe O Debit: Prepaid Insurance $1,000; Credit: Insurance Expense 51,000 O Debit Insurance Expense $1,000, Credit: Cash $1,000 Debit: Insurance Expense $12,000; Credit: Prepaid Insurance $12,000 Debit Insurance Expense $1,000 Credit: Prepaid Insurance $1,000 Save Click Save and Submit to save and submit. Click Save All Answers to see all answers