The prepaid insurance account had a balance of 9600 at the beginning of the year,...
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Accounting
The prepaid insurance account had a balance of 9600 at the beginning of the year, the acount was increased for 28800 for premiums on policies purchased during the year. What is the adjustment required at the end of the year for each independent situations? a. the amount of unexpired insurance applicable to future periods is 12000 b. the amount of insurance expired during the year 31200.
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