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a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a three-year fire insurance policy that was purchased on October
a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a three-year fire insurance policy that was purchased on October 1 of the current year b. The Office Supplies account has a debit balance of $400; a year-end inventory count reveals $80 of supplies still on hand c. Accrued salaries amount to $400
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