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Goodfellow Corporation reported insurance expense of $485 for the current year. The beginning and ending...

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Accounting

Goodfellow Corporation reported insurance expense of $485 for the current year. The beginning and ending balances in the prepaid insurance account were $54 and $32, respectively. What was the amount of cash paid for insurance?

$507.

$485.

None of these answer choices is correct.

$463.

Answer & Explanation Solved by verified expert
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