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The insurance premium outstanding at the beginning of the year ($4,940) covers the period of Jan. 1 to August 31 of this year (therefore it
The insurance premium outstanding at the beginning of the year ($4,940) covers the period of Jan. 1 to August 31 of this year (therefore it is now expired). The insurance premium paid in August of this year (for $10,500) runs from September of this year to August of next year. Record the expired insurance (both the insurance coverage that ended in Aug. of this year and the one that started in Sept. of this year)
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