Question 35 2 points Save Heartland Corporation records all

Question 35 2 points Save Heartland Corporation records all ance premiums as prepaid insurance. Additional information for the current year is presented below premiums Prepaid Insurance, January 1 insurance expense for year Prepaid Insurance, December 31 64,000 150,000 75,000 What is the total amount of insurance premiums paid during the year? A $225,000 OB $150,000 C $139.000 D. $161,000

Solution

To beginning balance 64000 By insurance expense 150,000 To cash paid(balance) $161000. By ending balance 75000 Total 225000 Total 225000