VBieber Company paid $$3,408$ on June $1,2022$ for a TWO$-$YEAR insurance policy and recorded the entire amount as PREPAID INSURANCE. The December $31,2022$ adjusting entry is:

A$.$

Debit Insurance Expense and credit Prepaid Insurance $$994.$

B$.$

Debit Prepaid Insurance and credit Insurance Expense $$2,414.$

C$.$

Debit Insurance Expense and credit Prepaid Insurance $$2,414.$

D$.$

Debit Prepaid Insurance and credit Insurance Expense $$994.$