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The joy company uses the accrual basis of accounting how

Question - The Joy Company uses the accrual basis of accounting. Joy Company's Insurance Expense account had a $10,000 balance at the end of the year. The Prepaid Insurance account had a $3,000 balance at the beginning of the year and a $5,000 balance at the end of the year. How much cash was paid for insurance during the year?

a. $ 8,000

b. $10,000

c. $12,000

d. $15,000

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Accounting Basics: The joy company uses the accrual basis of accounting how

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