At the beginning of the year, there was a balance of $4,480 in the prepaid insurance account, for a

At the beginning of the year, there was a balance of $4,480 in the prepaid insurance account, for a policy that will expire at the end of February 2018 During the year, a second policy for different coverage came into effect on June 1 This policy cost $9,540 and covers 18 months The payment was debited to insurance expense when it was made

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