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Electrelane Company showed the following balances at the end of its first year: Cash $ 2,000 Prepaid insurance 3,500 Accounts receivable 2,500 Accounts payable 2,000

Electrelane Company showed the following balances at the end of its first year:

Cash $ 2,000

Prepaid insurance 3,500

Accounts receivable 2,500

Accounts payable 2,000

Notes payable 3,000

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