The balance in the prepaid insurance account before adjustment on December 31, 2019 is $5,000. The amount of expired insurance is $2,000 (the amount "used up" due to the passage of time). What account should be debited in the journal (1) and for what amount to record the adjusting entry for insurance based on this information? JOURNAL Date Page 25 Description Post. Ref. Debit Credit Adjusting Entries 12/31 (1) ? (2) ? Insurance Expense $2,000 Prepaid Insurance $3,000 Prepaid Insurance $2,000 Insurance Expense $3,000 The balance in the prepaid insurance account before adjustment on December 31, 2019 is $5,000. The amount of expired insurance is $2,000 (the amount "used up" due to the passage of time). What account should be credited in the journal (2) and for what amount to record the adjusting entry for insurance based on this information? JOURNAL Page 25 Date Description Debit Credit Post. Ref. Adjusting Entries 12/31 (1) (2) ? O Insurance Expense $3,000 O Insurance Expense $2,000 Prepaid Insurance $3,000 Prepaid Insurance $2,000