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Depreciation on the company's equipment for the year is computed to be $15,000. The Prepaid Insurance account had a $9,000 debit balance at December 31
Depreciation on the company's equipment for the year is computed to be $15,000. The Prepaid Insurance account had a $9,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the companys insurance policies showed that $910 of unexpired insurance coverage remains. The Supplies account had a $330 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $389 of supplies available. One-third of the work related to $15,000 of cash received in advance was performed this period. The Prepaid Rent account had a $5,300 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An
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