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Early in 2021, Brandon Transport discovered that a five-year insurance premium payment of $250,000 at the beginning of 2018 was debited to insurance expense. The
Early in 2021, Brandon Transport discovered that a five-year insurance premium payment of $250,000 at the beginning of 2018 was debited to insurance expense. The correcting entry would include: Multiple Choice A debit to insurance expense of $100,000. A debit to prepaid insurance of $150,000. A credit to retained earnings of $100,000 A debit to prepaid Insurance of $250,000. PL
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