View Policies Current Attempt in Progress Bonita Supplies Inc. purchased a 12-month insurance policy on March 1, 2020 for $12600. At March 31, 2020, the adjusting journal entry to record expiration of this asset will include a O debit to Prepaid Insurance and a credit to Cash for $12600. O debit to Prepaid Insurance and a credit to Insurance Expense for $1400. O debit to Insurance Expense and a credit to Prepaid Insurance for $1050. O debit to Insurance Expense and a credit to Cash for $1050. Save for Later Attempts: 0 of 1 used Submit