A calendar year company paid $24,000 on October 1, 2012 to purchase two years of insurance coverage for its retail shop. The prepayment was initially recorded as an asset.

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The Answer of A calendar year company paid $24,000 on October 1, 2012 to purchase two years of insurance coverage for its retail shop. The prepayment was initially recorded as an asset.

A Calendar Year Company Paid $24,000 on October 1, 2012