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What is the proper adjusting entry at June

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Question - What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18550, and unexpired amounts per analysis of policies of $5980?

Debit Insurance Expense, $5980; Credit Prepaid Insurance, $5980.

Debit Insurance Expense, $18550; Credit Prepaid Insurance, $18550.

Debit Prepaid Insurance, $12570; Credit Insurance Expense, $12570.

Debit Insurance Expense, $12570; Credit Prepaid Insurance, $12570

Reference no: EM132899661

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