Total insurance expense was recorded as $35,000 on the income statement. Prepaid insurance had a beginning balance of $2,000 and an ending balance of $7,000. How much cash was used for insurance during the year?

Total insurance expense was recorded as $35,000 on the income statement. Prepaid insurance had a beginning balance of $2,000 and an ending balance of $7,000. How much cash was used for insurance during the year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 12PA: Determine the amount of cash expended for Salaries during the month, based on the entries in the...

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Total insurance expense was recorded as $35,000 on the income statement. Prepaid insurance had a beginning balance of $2,000 and an ending balance of $7,000. How much cash was used for insurance during the year?

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