Question: Moving to another question will save this response. Question 1 Question 1 of 5 1 points Saved Rana Company prepaid insurance account is $8,950 before

Moving to another question will save this response. Question 1 Question 1 of 5 1 points Saved Rana Company prepaid insurance account is $8,950 before adjustment, and the expired amount per analysis of policies is $4.300. What is the proper adjusting entry at December 31, the end of the accounting period? O Debit Account payable, $3,250; credit Insurance expense, $3,250. Debit Insurance Expense, $4,360; credit Prepaid insurance, $4,360 Debit Prepaid Insurance, $4,500; credit Insurance expense, $4,590 O Debit Cash, $8,950, Credit Prepaid Insurance, $8,950

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