The Prepaid Insurance account has a normal balance of $5,625 at the beginning of the month. The company used $1,470 of insurance coverage during the month. Which of the following statements is correct? Mutiple Chaice The company should crodit insurance Expense for $1,470 and debit Prepaid insurance for 51,470 . Retaned eamings wil decrease and to ochhoiders equity will increose. The compary should debit inswanco Expense for $1,470 and credt Prepaid insurance for 51,470 Retoined eanings and stockholdors' equity will both increase