Multiple Select Question Select all that apply A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the payment. The required adjusting journal entry on December 31 includes a: (Check all that apply.) credit to Prepaid insurance for $400. debit to Insurance expense for $400. credit to Insurance expense for $400. debit to Prepaid insurance for $400. debit to Insurance expense for $4,800