What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $9,650 before adjustment, and the unexpired amount per analysis of policies is $4,200? Multiple Choice Debit Insurance Expense, $9,650; credit Prepaid Insurance, $9,650. Debit Cash, $9,650: Credit Prepaid Insurance, $9,650. Debit Insurance Expense, $4,200; credit Prepaid Insurance, $4,200. Debit Insurance Expense, $5,450; credit Prepaid Insurance, $5.450