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Emmerson Company had the following T-accounts. Prepaid Insurance $3,600 $600 Beg. 1-May Bal $3,000 Insurance Expense 600 1-May Bal 600 Based on this information, what

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Emmerson Company had the following T-accounts. Prepaid Insurance $3,600 $600 Beg. 1-May Bal $3,000 Insurance Expense 600 1-May Bal 600 Based on this information, what happened on May 1st? Emmerson purchased $600 of Insurance for cash. Emmerson purchased $3,600 of Insurance for cash. Emmerson used up $600 of insurance that it had purchased in advance. None of these answers are correct

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