Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $$24,000$ and unexpired insurance of $$4,000,$ for the fiscal year ending on July $31?$

debit Insurance Expense, $$28,000$; credit Prepaid Insurance, $$28,000$

debit Insurance Expense, $$20,000$; credit Prepaid Insurance, $$20,000$

debit Insurance Expense, $$4,000$; credit Prepaid Insurance, $$4,000$

debit Prepaid Insurance, $$20,000$; credit Insurance Expense, $$20,000$