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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
On January 1, 2016, Prepaid Insurance of Maywood, Inc. had a beginning balance of $3,000. Three months of insurance premiums remain in the beginning balance. On February 1, 2016, the company paid an annual insurance premium in the amount of $3,800 for the period beginning April 1. On February 28, 2016, the balance in Prepaid Insurance is $2,000. The deferred expense was initially recorded as an asset.
A) True
B) False
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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#3
7 years ago
I'm liking this Slight Smile
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