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You used Excel to determine the amount of Prepaid Insurance for 1 year is $2,400. What is the journal entry to record insurance expense at

You used Excel to determine the amount of Prepaid Insurance for 1 year is $2,400. What is the journal entry to record insurance expense at the end of Month 1, Year 1? debit Insurance Expense 200 credit Prepaid Insurance 200 debit Prepaid Insurance 200 credit Insurance Expense 200 debit Cash 200 credit Prepaid Insurance 200 debit Insurance Expense 200 credit cash 20

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