A company purchased a 12 month insurance policy on October 1 at a cost of $1,200. On the December 31 annual financial statements: Click the answer you think is right. $300 is reported as a expense and $900 is reported as a liability $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expense $1,200 is reported as a liability Do you know the answer? I know it Think so Unsure Read about this No idea