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an explanation too please :) The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9.
an explanation too please :)
The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, 20x9. The balance in the prepaid asset account on December 31, 20x9 should be Select one: a. The same as the original payment b. The same as it would have been if the original payment had been debited initially to an expense account C. Higher than if the original payment had been debited initially to an expense account d. Zero CheckStep by Step Solution
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