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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, $18,500, and unexpired amounts per analysis of policies of $6,000?

Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000.

Debit Insurance Expense, $18,500; Credit Prepaid Insurance, $18,500.

Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500.

Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500.

Reference no: EM133048327

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