When JP Corp pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year e December 31 is as follows: 00:46:50 Prepaid insurance at January 1 $ 50,500 Insurance expense recognized during the year 219,550 Prepaid insurance at December 31 62,650 What was the total amount of cash paid by JP Corp for insurance premiums during the year?
When JP Corp pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year e December 31 is as follows: 00:46:50 Prepaid insurance at January 1 $ 50,500 Insurance expense recognized during the year 219,550 Prepaid insurance at December 31 62,650 What was the total amount of cash paid by JP Corp for insurance premiums during the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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When JP Corp pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year e December 31 is as follows:
00:46:50
Prepaid insurance at January 1 $ 50,500
Insurance expense recognized during the year 219,550
Prepaid insurance at December 31
62,650
What was the total amount of cash paid by JP Corp for insurance premiums during the year?
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