On July 1, 2015, a company paid an $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. Dec. 31, 2015 Dec. 31. 2016 Dec. 31, 2017 Dec. 31, 2018 Balance Sheet Prepaid Insurance Accrual Basis 6,300 900 00 $ Cash Basis 0 0 Answer is not complete. Income Statement Insurance Expense 0 2016 00 2017 2018 Total ●● 2015 S $ Accrual Basis 4,500 5,400 5,400 900 16,200 Cash Basis $ 16,200 00 00 0 $ 16,200

On July 1, 2015, a company paid an $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. Dec. 31, 2015 Dec. 31. 2016 Dec. 31, 2017 Dec. 31, 2018 Balance Sheet Prepaid Insurance Accrual Basis 6,300 900 00 $ Cash Basis 0 0 Answer is not complete. Income Statement Insurance Expense 0 2016 00 2017 2018 Total ●● 2015 S $ Accrual Basis 4,500 5,400 5,400 900 16,200 Cash Basis $ 16,200 00 00 0 $ 16,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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