Question 7 1 pts On October 31, 2021, XYZ paid $18,000 for an insurance policy that covers the period November 1, 2021 - October 31, 2022. on October 31, XYZ's accountant correctly recorded the payment as a debit to Prepaid Insurance The appropriate adjusting entry as of December 31, 2021 is 1,500 Insurance Receivable Prepaid Insurance 1,500 Prepaid Insurance Insurance Expense 1,500 1,500 3,000 Insurance Expense Prepaid Insurance 3,000 No Entry Required or None of these Insurance Expense Interest Revenue 3,000 3,000