Multiple Choice
On December 31, 2012, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2013, $86,000 was paid for insurance. At the end of 2013, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2013 would be:
A) $6,400.
B) $134,400.
C) $86,000.
D) $92,400.
Correct Answer:
Verified
Correct Answer:
Verified
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