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Sheldon Company pays for insurance policies in advance, recording the expenditure to Prepaid Insurance. The balance in the prepaid insurance account at the beginning and
Sheldon Company pays for insurance policies in advance, recording the expenditure to Prepaid Insurance. The balance in the prepaid insurance account at the beginning and end of the year was $2,500 and $1,000, respectively. Insurance expense during this period totaled $10,000. Using this information, what is the total cash paid for insurance during the period
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