Select all that apply A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the payment. The required adjusting journal entry on December 31 includes a: (Check all that apply.) Odebit to Insurance expense for $400. debit to Insurance expense for $4,800. credit to Prepaid insurance for $400. debit to Prepaid insurance for $400. credit to Insurance expense for $400.

A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Propaid insurance accouns was initially increased for the payment. The required adjusting journal entry on December 31 includes a: (Check all that apply) debit to Insurance expense for $400. debit to insurance expense for $4,800 credit to Prepald insurance for $400 debit to Prepaid insurance for $400 credat to insurance expense for $400