1. It is the end of March 20x1. At the beginning of January 20x1 your company entered and paid a bill from Business Insurance Associates for the annual insurance premium. A copy of the bill is below along with the asset section of the balance sheet as of March 31, 20x1 and a section of the Profit and Loss report for three months ending March 31, 20x1. Your staff accountant let you know all month end journals have been booked. You are concerned about insurance expense for the month of March. What is wrong on March 31, 20x1 and how should it be corrected?

THANK YOU FOR YOUR BUSINESS! Sample Company Profit and Loss January - March, 20x1 Sample Company Balance Sheet As of March 31, 20x1