insurance expense asset
Someone please help with accounting question please?
On 1 March 2003, a company paid a premium of $ 16,200 in a policy 36 months insurance for coverage after that date? Refer to the policy and fill the blanks in the table: Insurance Balance Sheet assets under Cash Basis Accrual Basis of December 31, 2003 __________ December 31, 2004 _________ _________ __________ December 31, 2005 __________ December 31, 2006 _________ __________ _________ Safe Use Expense Accrual Basis Cash Basis December 31, 2003 _________ _________ December 31, 2004 _________ _________ December 31, 2005 _________ _________ December 31, 2006 _________ _________ $__________ $_________ Total-Please help, I'm so lost in this case. Thanks in advance.
Insurance Balance Sheet assets using …………………. Accrual Basis Cash Basis December 31, 2003 $ 11,700 …………$ 0 December 31, 2004 $ 6,300 ………….$ 0 December 31, 2005 $ 900 …………….$ 0 December 31, 2006 $ 0 ……………….$ 0 Cost of insurance with the cash basis accrual ……………….. Base December 31, 2003 $ 4,500 …………$ 16,200 December 31, 2004 $ 5,400 …………$ 0 Dec 31, 2005 $ 5,400 …………$ 0 December 31, 2006 $ 900 ……………$ 0 Totals-…….. . $ 16,200 ………..$ 16,200
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