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ACC 205 Week 2 Exercise 2 Analysis of prepaid account balance

  • ACC 205 Week 2 Exercise 2 Analysis of prepaid account balance
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Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:

Insurance expense

$4,350

Prepaid insurance, December 31, 20X2

1,900

Cash outlays for insurance during 20X2

6,200

 

Compute the balance in the Prepaid Insurance account on January 1, 20X2.

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