Spring 2016 Midterm Exam

On january 1 2016 coolwear inc had a balance in its

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9. On January 1, 2016, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2016, $86,000 was paid for insurance. At the end of 2016, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2016 would be: 4
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