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On August 1, 2023, RMB LLC pays for a 12-month insurance contract that starts on September 15, 2023. Which type of adjusting entry would be

On August 1, 2023, RMB LLC pays for a 12-month insurance contract that starts on September 15, 2023. Which type of adjusting entry would be needed to ensure that Net Income is appropriate under financial accounting during the year?

A. Accrued Expenses

B. Prepaid Expenses

C. Accrued Revenues

D. Unearned Revenues

E. None of the Above

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