USE THE FOLLOWING INFORMATION FOR #3 AND #4: Jones Corporation has the following information pertaining to the current year: Current accounting year end 12/31/X7 Cash paid 24,000 Date paid 8/1/X7 Paid for an insurance policy 8/1/X7 through 7/31/X8 Jones Corporation's YEAR END adjusting journal entry is: A. DEBIT Insurance Expense $12,000 CREDIT Prepaid Insurance $12,000 B. DEBIT Prepaid Insurance $24,000 CREDIT Cash $24,000 C. DEBIT Insurance Expense $10,000 CREDIT Prepaid Insurance $10,000 O D.DEBIT Insurance Expense $24,000 CREDIT Prepaid Insurance $24,000 E. No journal entry required