I company makes the payment of a one year insurance premium $4824 on March 1, 2016.

use the horizontal model to record the transaction.

write the journal entry

use the Horizontal model to show the amount of insurance premium "used" that month.

prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium used that month.

calculate the amount of prepaid insurance that should be reported on the December 31, 2016 balance sheet with respect to this policy.

prepaid insurance?

if the premium has been $9648 for two year. How should the prepaid amount and December 31, 2016 be reported on the balance sheet?

non-current asset?

current asset?

prepaid expenses reflects as an asset for more meaningful net income amount, true or false?