At the end of the current year, the prepaid insurance account showed a debit the balance of ₱5,000; the balance at the beginning of the year was ₱6,000, and during the year the insurance premiums paid amounted to ₱8,000. Assuming insurance premium payments are initially entered in the prepaid insurance account, the adjusting entry at the end of the year would include: a. debit prepaid insurance ₱9,000 b. credit prepaid insurance ₱1,000 c. debit insurance expense ₱7,000 d. debit insurance expense ₱9,000

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