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XYZ company is started on December 1 and arranges for business insurance to begin on December 1. On December 1 the company pays the insurance

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XYZ company is started on December 1 and arranges for business insurance to begin on December 1. On December 1 the company pays the insurance company $12,000 for the insurance premiums covering one year. The company will record the payment Prepaid Insurance $12,000 Cash $12,000. O Cash $12,000 Insurance Receivable $12,000 8 0 Cash $12,000 Insurance premiums $12,000 Cle

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