On October 1, Augustiniak Insurance Company Receives the Insurance Premium $\quad$

On October 1, Augustiniak Insurance Company receives the insurance premium, in advance, from a customer for a 12-month insurance policy for $2,400. Assuming that the company closes its books on December 31, what will be the adjusting entry on December 31?

A) Unearned Revenue 600
$\quad$ $\quad$ $\quad$ Insurance Premium Revenue 600
B) Insurance Expense 600
$\quad$ $\quad$ $\quad$ Prepaid Insurance 600
C) Insurance Premium Revenue 600
$\quad$ $\quad$ $\quad$ Unearned Revenue 600
D) Unearned Revenue 600
$\quad$ $\quad$ $\quad$ Prepaid Insurance 600