Question 8 (1 point) On December 1, 2020, Flynn Consulting paid $ 54,000 for a three-year insurance policy (December 1 2020 to November 30, 2023) and debited the entire amount to Prepaid Insuranc December 31, 2020 required adjusting entry in connection with this policy we Debit Insurance Expense and credit Prepaid Insurance $ 52,500. Debit Prepaid Insurance and credit Insurance Expense $ 1,500. Debit Insurance Expense and credit Prepaid Insurance $ 1,500. Debit Prepaid Insurance and credit Insurance Expense $ 52,500