# 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 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
Accrual Basis Cash Basis
Dec. 31, 2003 \$_450.00____ \$___0__
Dec. 31, 2004 _6,300.00 ___ ___0__
Dec. 31, 2005 _900.00_____ ___0___
Dec. 31, 2006 _____0__ ____0___
Insurance Expense Using
Accrual Basis Cash Basis
Dec. 31, 2003 \$4,500.00__\$_16,000______
Dec. 31, 2004 __5,400.00______ _______
Dec. 31, 2005 __5,400.00 ____ ___0____
Dec. 31, 2006 __900.00______ ___0____
Total \$_16,200.00______ \$_16,000__

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