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The Vulcan Community Hospital purchased a three-year fire insurance policy for $450,000 on an account. Which is the correct recording regarding the financial event? O

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The Vulcan Community Hospital purchased a three-year fire insurance policy for $450,000 on an account. Which is the correct recording regarding the financial event? O Debit on Accounts Payable, Credit on Prepaid Insurance O Debit on Cash, Credit on Prepaid Insurance O Debit on Prepaid Insurance, Credit on Cash O Debit on Prepaid Insurance, Credit on Accounts Payable

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