Question 3 3.5 pts On May 1, 2016, Wozniak Company purchased a two-year fire insurance policy for $3,600. On that date, Wozniak debited the prepaid insurance account for $3,600 What adjusting journal entry should Wozniak record on December 31, 2016? debit insurance expense $1,200 and credit prepaid insurance $1,200 debit insurance expense $1,800 and credit prepaid insurance $1,800 debit prepaid insurance $1,200 and credit insurance expense $1,200 debit prepaid insurance $1,800 and credit insurance expense $1,800 no adjusting entry should be made relating to the prepaid insurance