All Im Saying, Co. uses an annual accounting period and adjusting entries are made only...
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Accounting
All Im Saying, Co. uses an annual accounting period and adjusting entries are made only at year-end on December 31st. On June 1st 2019, All Im Saying paid the premium on a two-year insurance policy in the amount of $6,000 covering the period of June 1 2019 May 31 2021. At that time, the full amount paid was recorded as Prepaid Insurance. After recording the adjusting entry for the insurance policy on December 31, 2019, what would be the balance in All Im Sayings Prepaid Insurance account (Assume that Prepaid Insurance had a beginning balance of $0)? Group of answer choices
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