Question: Given the following 2024 information for the Pinto Company: Decrease in Wages Payable$400 Operating Expenses$4,000 Total Cash paid for expenses$5,100 12/31/24 Prepaid Insurance$1,200 Operating Expenses

Given the following 2024 information for the Pinto Company:

Decrease in Wages Payable$400

Operating Expenses$4,000

Total Cash paid for expenses$5,100

12/31/24 Prepaid Insurance$1,200

Operating Expenses and cash paid for expenses consisted of amounts for insurance and wages only.

The 1/1/24 balance of Prepaid Insurance was:

Select one:

a.$500

b.$1,750

c.$2,700

d.$300

e.$1,900

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