What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $9,150 before adjustment, and the unexpired amount per analysis of policies is $3,950? Debit Insurance Expense, $3,950; credit Prepaid Insurance, $3,950. Debit Insurance Expense, $9,150; credit Prepaid Insurance, $9,150. Debit Prepaid Insurance, $5,200; credit Insurance Expense, $5,200. Debit Insurance Expense, $5,200; credit Prepaid Insurance, $5,200. Debit Cash, $9,150; Credit Prepaid Insurance, $9,150.
