What is the proper adjusting entry at december 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is, $3,250?
a. debit insurance expense, $3,250; credit prepaid insurance, $3,250.
b. debit insurance expense, $4,500; credit prepaid insurance, $4,500.
c. debit prepaid insurance, $4,500; credit insurance expense, $4,500.
d. debit insurance expense, $7,750; credit prepaid insurance, $7,750.
e. debit cash, $7,750; credit prepaid insurance, $7,750?
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