Question 4 Not yet answered Marked out of 2.00 Flag question On January 1, Fey Properties paid $10,080 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Select one: a. Debit Cash for $6,720 and Credit Prepaid insurance for $6,720 b. Debit Cash for $3,360 and Credit Prepaid insurance for $3,360 O c. Debit Insurance expense for $280 and Credit Prepaid insurance for $280 O d. Debit Prepaid insurance for $280 and Credit Insurance expense for $280 O e. Debit Insurance expense for $3,360 and Credit Prepaid insurance for $3,360 Previous Save Answers Nex