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Rent a Wreck,Inc

Question 95

Multiple Choice

Rent a Wreck,Inc.began operations on July 1,2012.On July 1,the company paid $9,600 cash in advance for a one-year insurance policy beginning on that day.What will the company report for prepaid insurance on its balance sheet at July 31,2012?


A) $800
B) $9,600
C) $4,800
D) $8,800

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