Account for insurance expense. (LO 1,3) The correct amount of prepaid insurance shown on a company's December
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Account for insurance expense. (LO 1,3)
The correct amount of prepaid insurance shown on a company's December 31, 2007, balance sheet was \(\$ 800\). On July 1,2008 , the company paid an additional insurance premium of \(\$ 400\). On the December 31, 2008, balance sheet, the amount of prepaid insurance was correctly shown as \(\$ 500\). What amount of insurance expense would appear on the company's income statement for the year ended December 31, 2008? Is this adjustment an accrual or deferral?
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