The Prepaid Insurance account has a balance of $16,300, representing a one year advanced payment. If one month has expired, the adjusting entry would be: O A. Debit Insurance Expense for $16,300; credit Cash for $16,300. O B. Debit Prepaid Insurance for $16,300; credit Cash for $16,300. O C. Debit Insurance Expense for $1,358, credit Prepaid Insurance for $1,358. O D. no transaction is needed. Submit quiz Q Search L O C D 2 4x O