Saved On January 1, a company purchased a five-year insurance policy for $2,900 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company res only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Insurance Expense. $580, credit Prepaid Insurance, $580 Debit Insurance Expense, $2,320, credit Prepaid Insurance, $2,320 Debit Prepaid Insurance, $580credit Insurance Expense, $580 O Debit Prepaid Insurance, $2,900, credit Cash, $2,900. O Debit Prepaid Insurance, $2,320, credit Insurance Expense, $2,320 A company pays its employees $1.600 each Friday, which amounts to $320 per day for the five-day workweek that begins on Monday. If the monthly accounting period ends on through Thursday, the amount of salaries earned but unpaid at the end of the accounting period is: Multiple Choice S1280 O $1600 S640 O $960. O C $320