Cornhusker Supplies Inc. purchased a 12-month insurance policy on

March 1, 2020 for $2640. At March 31, 2020, the adjusting journal entry to record expiration of this asset will include a

A) debit to prepaid insurance and a credit to insurance expense for $293
B) debit to Insurance expense and a credit to prepaid insurance for $220
C) debit to prepaid insurance and a credit to cash for $2640
D) debit to insurance expense and a credit to cash for $220