Joseph, Inc

question 129

Multiple Choice

Joseph, Inc. uses the accrual basis of accounting. Joseph's insurance expense account had a $23,000 balance at the end of the year. The prepaid insurance account had a $6,000 balance at the beginning of the year and a $3,000 balance at the end of the year. How much cash was paid for insurance during the year?

• A) $4,000
• B) $20,000
• C) $21,000
• D) $29,000

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Definitions:

Evaluation Tasks

Activities designed to assess the performance, quality, or suitability of someone or something through careful consideration and analysis.

Unmarried Cohabiting Parents

Couples who live together and have a child or children without being legally married.

Stable

Something that is not likely to change, give way, or falter; enduring and consistent.

Sexual Abuse

A form of abuse involving non-consensual sexual activity or coercion.