Analysis of prepaid account balance.
The following information relates to Action Sign Company for 20X2:
|
Insurance expense |
4,350 |
|
Prepaid insurance, December 31, 20X2 |
1,900 |
|
Cash outlays for insurance during 20X2 |
6,200 |
Compute the balance in the Prepaid Insurance account on January 1, 20X2.