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On January 1st, 2021. Acme Company prepaid $18,000 for a three-year insurance policy. What is the adjusting journal entry on December 31st 2021? O A

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On January 1st, 2021. Acme Company prepaid $18,000 for a three-year insurance policy. What is the adjusting journal entry on December 31st 2021? O A Debit insurance Expense $18.000 Credit Prepaid Insurance $18,000 OB. Debit Insurance Expense 55,000 Credit Prepaid Insurance $6,000 O Debit Prepaid Insurance $6.000: Credit Insurance Expense $6,000 OD. Debit Prepaid Insurance $18,000; Credit Insurance Expense $18,000

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