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On March 1, a business paid $3,600 for a twelve-month liability insurance policy. On April 1, the business entered into a two-year rental contract for equipment at a total cost of $18,000.
(a) Determine the insurance expense for the month of March. (b) Determine the balance in prepaid insurance as of March 31. (c) Determine the equipment rent expense for the month of April. (d) Determine the balance in prepaid equipment rental as of April 30
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