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The following statement that reports assets, liabilities, and stockholders' equity is the
Group of answer choices
Retained Earnings Statement
Income Statement
Balance Sheet
Statement of Cash Flows
On January 1, Simple, Inc. bought a 4 year insurance policy for $8,000. What would be the journal entry to record this purchase?
Group of answer choices
Debit Accounts Payable for $8,000 and credit Insurance Expense for $8,000
Debit Prepaid Expenses for $8,000 and credit Cash for $8,000
Debit Prepaid Expenses for $2,000 and credit Cash for $2,000
Debit Insurance Expenses for $8,000 and credit Cash for $8,000
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