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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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