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15-02-2024
Business

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Taggert Company paid 1,800 for a six-month insurance premium on December 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period?
1) Taggert will credit Prepaid Insurance for 300 on December 31.
2) Taggert will debit Prepaid Insurance for 1,500 on December 31.
3) Taggert will debit Insurance Expense for 1,800 on December 1.
4) Taggert will debit Insurance Expense for 300 on December 31.
5) Taggert will debit Prepaid Insurance for 1,800 on December 1.

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