130 Chapter 3 Adjusting Accounts for Financial Statements Connect On March 1, 2015, a company paid an $18,000 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 EXERCISES Exercise 3-1 Determining assets and expenses for accrual and cash accounting Balance Sheet Prepaid Insurance Asset Using Insurance Expense Using Accrual Basis Cash Basis Accrual Basis Cash Basis C2 Dec. 31.2015 Dec. 31, 2016 Dec. 31. 2017 Dec. 31.2018 2015 2016 2017 $ Check 2017 insuronce expense: Accrual, $6,000 Cash, $0 Total $ Dec 31,2017, asset Acc 1000 Cash, 50 233