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The entry to close the appropriate insurance account at the end of the accounting period is a.debit Income Summary; credit Prepaid Insurance b.debit...

This question was answered on May 31, 2010. View the Answer
The entry to close the appropriate insurance account at the end of the accounting period is
a.debit Income Summary; credit Prepaid Insurance
b.debit Prepaid Insurance; credit Income Summary
c.debit Insurance Expense; credit Income Summary
d.debit Income Summary; credit Insurance Expense

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558980_ACC.doc

The entry to close the appropriate insurance account at the end of the accounting period is
a.debit Income Summary; credit Prepaid Insurance
b.debit Prepaid Insurance; credit Income Summary
c.debit...

This question was asked on May 31, 2010 and answered on May 31, 2010.

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