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. A business purchased a yearly insurance policy totaling $12,000. Which of the following statements regarding this transaction is not true? a. An asset is

. A business purchased a yearly insurance policy totaling $12,000. Which of the following statements regarding this transaction is not true?

a. An asset is recorded when the insurance policy was purchased.

b. Each month the company will debit insurance expense and credit prepaid insurance.

c. The monthly insurance expense is $12,000.

d. The monthly insurance expense is $1,000.

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