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On December 31, 2012, Coolwear, Inc. had a balance in its prepaid insurance account of $54,400. During 2013, $92,000 was paid for insurance. At the
On December 31, 2012, Coolwear, Inc. had a balance in its prepaid insurance account of $54,400. During 2013, $92,000 was paid for insurance. At the end of 2013, after adjusting entries were recorded, the balance in the prepaid insurance account was 45,000. Insurance expense for 2013 would be: $101,400. $92,000. $146,400. $9,400
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