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September 19, 2014

Homework Help: ACCOUNTING help

Posted by TEE TEE on Friday, June 6, 2008 at 12:48pm.

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On March 1, 2003, a company paid a $16,200 premium on a 36- month insurance policy for a coverage beginning on that date. Refer to that policy and fill in the blanks in the following table:

Balance Sheet Insurance Asset Using
Accrual Cash
Basis Basis
Dec, 31, 2003 $_16,200 $_0__

Dec. 31, 2004 $__________ $_______________

Dec. 31, 2005 $__________ $_______________

Dec 31, 2006 $__________ $_______________


Insurance Expense Using

Accrual Cash
Basis Basis
Dec, 31, 2003 $_4500_ $__0____

Dec. 31, 2004 $ _5400____ $___0____

Dec. 31, 2005 $_5400 $___0___

Dec 31, 2006 $__________ $________

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