On April 1,a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance.At the end of the year,the financial statements would report:
A) Insurance Expense,$4,800;Prepaid Insurance $0.
B) Insurance Expense,$3,600;Prepaid Insurance $1,200.
C) Insurance Expense,$3,650;Prepaid Insurance $4,800.
Correct Answer:
Verified
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