On March 1, a business paid $4,200 for a 12-month liability insurance policy. On April...
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Accounting
On March 1, a business paid $4,200 for a 12-month liability insurance policy. On April 1 the same business entered into a two-year rental contract for equipment at a total cost of $32,400. Determine the following amounts:
(a) Insurance Expense for the month of March $___
(b) Prepaid Insurance as of March 31 $___
(c) Equipment Rent Expense for the month of April $___
(d) Prepaid Equipment Rental as of April 30 $___
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