# Accounting

posted by .

On March 1, 2003, a company paid a \$16,200 premium on a 36-month insurance policy for coverage
beginning on that date. Refer to that policy and fill in the blanks in the following table:
Check 2005 insurance expense:
Accrual, \$5,400; Cash, \$0. Dec. 31, 2005,
asset: Accrual, \$900; Cash, \$0.
Balance Sheet Insurance Asset Using Insurance Expense Using
Accrual Cash Accrual Cash
Basis Basis Basis Basis
Dec. 31, 2003 \$_______ \$_______ 2003 \$_______ \$_______
Dec. 31, 2004 _______ _______ 2004 _______ _______
Dec. 31, 2005 _______ _______ 2005 _______ _______
Dec. 31, 2006 _______ _______ 2006 _______ _______
Total \$_______ \$_______

For Insurance expense I have
accrual basis Cash basis
4500 16200
5400 0
5400 0
900 0
Can some one pleas help with the insurance asset part thank you

## Similar Questions

1. ### accounting

I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at \$11400. Policy B Purchased …
2. ### ACCOUNTING plz help thnx

I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at \$11400. Policy B Purchased …
3. ### ACCOUNTING

I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at \$11400. Policy B Purchased …
4. ### ACCOUNTING help

how to post 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 …
5. ### accounting

Can anyone tell me if this is correct and if not what I did wrong. Thank you Exercise 3-7 On March 1, 2003, a company paid a \$16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and …
6. ### accounting

Can anyone tell me if this is correct and if not what I did wrong. Thank you Exercise 3-7 On March 1, 2003, a company paid a \$16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and …
7. ### accounting

Can anyone tell me if this is correct and if not what I did wrong. Thank you Exercise 3-7 On March 1, 2003, a company paid a \$16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and …
8. ### Accounting

Exercise 3-7 Determining assets and expenses for accrual and cash accounting C2 On March 1, 2003, a company paid a \$16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in …
9. ### accounting

A company has an insurance policy for fifty thousand dollars that is due. How is this set up when the company does not pay it in full. It is paid monthly to an insurance premium company within one year. How do we set it up on the company …
10. ### statistics

An insurance company charges its policy holders an annual premium of \$200 for the following type of injury insurance policy. If the policy holder suffers a "major injury" resulting in lengthy hospitalization, the company will pay out …

More Similar Questions