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Question(s) / Instruction(s):

What is the classification and normal balance of the prepaid insurance account? (Classification means Asset, Liabilities, Owners Equity, Revenue or Expense, and Normal balance is the "+" side of an account as in "Cash carries a normal debit balance")

a)            Asset, credit balance

b)            Contra-asset, credit balance

c)            Owners\' Equity, debit balance

d)            Owners\' Equity, credit balance

e)            Asset, Debit balance

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