The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit $ 300 Cash 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, the unexpired insurance were $20, the company should record an adjusting entry that O debits Prepaid Insurance for $20 and credits Insurance Expense for $20. debits Insurance Expense for $40 and credits Prepaid Insurance for $40 debits Insurance Expense for $20 and credits Cash for $20. debits Insurance Expense for $20 and credits Prepaid Insurance for $20. O debits Prepaid Insurance for $40 and credits Insurance Expense for $40