Bert's Bungy Jumping,Inc.paid $650,000 cash for casualty insurance during the year 2018.If the income statement for the year reports insurance expense of $620,000 then:
A) Bert's prepaid insurance decreased $30,000.
B) Bert's cash account balance decreased $30,000.
C) Bert's prepaid insurance increased $30,000.
D) Bert's prepaid insurance was $30,000 at year-end.
Correct Answer:
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