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Jeannie's Apples opened for business on January 1, 2024, and paid for two insurance policies effective on that date. The liability policy was $48,600 for 18 months, and the crop damage policy was $31,200 for a two-year term. What was the balance in Jeannie's Prepaid Insurance account as of December 31, 2024? Multiple Choice O $15,600 $79,800 $31,800 $48,000

Jeannie's Apples opened for business on January 1, 2024, and paid for two insurance policies effective on that date. The liability policy was $48,600 for 18 months, and the crop damage policy was $31,200 for a two-year term. What was the balance in Jeannie's Prepaid Insurance account as of December 31, 2024? Multiple Choice O $15,600 $79,800 $31,800 $48,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jeannie's Apples opened for business on January 1, 2024, and paid for two insurance policies effective on that date. The liability policy was $48,600 for 18 months, and the crop damage policy was $31,200 for a two-year term. What was the balance in Jeannie's Prepaid Insurance account as of December 31, 2024? Multiple Choice O $15,600 $79,800 $31,800 $48,000
Transcribed Image Text:Jeannie's Apples opened for business on January 1, 2024, and paid for two insurance policies effective on that date. The liability policy was $48,600 for 18 months, and the crop damage policy was $31,200 for a two-year term. What was the balance in Jeannie's Prepaid Insurance account as of December 31, 2024? Multiple Choice O $15,600 $79,800 $31,800 $48,000
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