Center Corporation began the year with $9,250 prepaid insurance. During the year, Center prepaid additional insurance premiums

Question:

Center Corporation began the year with $9,250 prepaid insurance. During the year, Center prepaid additional insurance premiums amounting to $7,500. The company’s insurance expense for the year was $6,000. What was the balance in prepaid insurance at year end?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...