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Roro, Inc. paid $7,200 to renew its only insurance police for three years on March 1, 2010, the effective date of the policy. At March 31, 2010 Roro's unadjusted trial balance showed a balance of $300 for prepaid insurance and $7,200 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, 2010?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450591

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