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QUESTION
A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $9,240 cash.
- A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $9,240 cash. The entire amount of the prepayment was debited to prepaid insurance. (Assume that the beginning balance of prepaid insurance was $0 and that there were no other debits or credits to that account during 2019.)
b. Dec. 31
Insurance Expense ?
Prepaid Insurance ?
(Record insurance expense)
