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The following table shows the insurance premiums paid by three unrelated companies: Case I II III Beginning balance in Prepaid Insurance $ 500 $ 300
The following table shows the insurance premiums paid by three unrelated companies:
CaseIIIIIIBeginning balance in Prepaid Insurance $ 500 $ 300 $4,500Premiums paid during the year 4,000 2,500?Ending balance in Prepaid Insurance? 400 200Insurance used up during the year 3,000? 5,500a. Fill in the missing information.
b. Ignoring dollar amounts, give all possible journal entries to record the premium payments.
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