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On October 1, 2021, Lancaster Corporation spent a total of $19,200 in cash for insurance. The insurance covered the next 12 months and Lancaster debited

On October 1, 2021, Lancaster Corporation spent a total of $19,200 in cash for insurance. The insurance covered the next 12 months and Lancaster debited the account Prepaid Insurance. On December 31, 2021, the adjusting entry was properly made. What would be the balance of Prepaid Insurance on December 31, 2021 after the adjusting entry? $14,400. $4,800. $19,200. $0

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