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Aiden Yoon paid the fire insurance premium of $3,000 for the Yoon Caf on June...

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Question

Accounting

Aiden Yoon paid the fire insurance premium of $3,000 for the Yoon Caf on June 27th. The insurance coverage is from July 1stthrough December 31st. Monthly financial statements are prepared for the Yoon Caf.

1) Based on the information above, what is the amount of insurance expense for June?

The answer is not $3,000.

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