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On September 1, 2020, a firm purchased a one-year insurance policy for 24,000 and paid the full premium in advance. After journalizing and posting the

On September 1, 2020, a firm purchased a one-year insurance policy for 24,000 and paid the full premium in advance. After journalizing and posting the year-end adjustment on December 31, 2020, the balance of the Prepaid Insurance account is

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8,000

16,000

24,000

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