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The insurance premium outstanding at the beginning of the year ($5,020) covers the period of Jan. 1 to August 31 of this year (therefore it

The insurance premium outstanding at the beginning of the year ($5,020) 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 $6,000) runs from September of this year to August of next year. Record the expired insurance, CATaxesPayabre

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