Question 3 1 pts On March 1, 2016, the company paid a $3,600 insurance premium representing 12 months of insurance coverage through February 28, 2017. Assuming the original entry was recorded as prepaid insurance, the adjusting entry needed on December 31, 2016, would be: O Insurance Expense Insurance Payable 1,200 1,200 O Prepaid Insurance 2,700 Insurance Expense 2,700 2,700 Insurance Expense Prepaid Insurance 2,700 900 O Insurance Expense Prepaid Insurance 900 O None of the above