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On July 1, 2003, Black Co. Paid the premium in advance of $2,400 for a two-year insurance policy. The amount was recorded as prepaid insurance. Which is the proper sequence in the accounting cycle? A. Record transactions in the ledger, post to the journal, prepare the financial statements. B. Make the journal entries, post to the ledger, prepare the financial statements, close the books. C. Make the journal entries, post to the ledger, prepare a trial balance, prepare the financial statements, close the books. D. Make the journal entries, post to the ledger, prepare a trial balance, make adjusting entries, prepare an adjusted trial balance, close the books, prepare the financial statements. E. Make the journal entries, post to the ledger, prepare a trial balance, make adjusting entries, prepare an adjusted trial balance, prepare the financial statements, prepare the closing entries, prepare a post closing trial balance. Which of the following accounts would be closed at the en
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