Use This Information Pertaining to the Essex Corporation to Answer

Use this information pertaining to the Essex Corporation to answer the following question. The adjusting entry for the insurance policy is

A) Prepaid Insurance 1,000
Insurance Expense 1,000
B) Insurance Expense 3,000
Prepaid Insurance 3,000
C) Prepaid Insurance 3,000
Insurance Expense 3,000
D) Insurance Expense 1,000
Prepaid Insurance 1,000