Cameron Inc. paid $4,500 for one year insurance effective July 1. The general ledger account effects are:

Insurance Payable is recorded as a debit and Cash is recorded as a credit

Prepaid Insurance is recorded as a credit and Cash is recorded as a debit

Insurance Expense is recorded as a debit and Cash is recorded as a credit

Prepaid Insurance is recorded as a debit and Cash is recorded as a credit

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