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CAN I GET AN EXPLANATION OF THE ANSWER? THANKS The Joy Company uses the accrual basis of accounting. Joy Company's Insurance Expense account had a

CAN I GET AN EXPLANATION OF THE ANSWER? THANKS

The Joy Company uses the accrual basis of accounting. Joy Company's Insurance Expense account had a $10,000 balance at the end of the year. The Prepaid Insurance account had a $3,000 balance at the beginning of the year and a $5,000 balance at the end of the year. How much cash was paid for insurance during the year?

a.$ 8,000

b.$10,000

c.$12,000

d.$15,000

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