It is the end of March $20$x$1.$ At the beginning of January $20$x$1,$ your company entered and paid a bill from Business Insurance Associates for the quarterly insurance premium. A copy of the bill is shown below along with the asset section of the balance sheet as of March $31,20$x$1,$ and a section of the Profit and Loss report for three months ending March $31,20$x$1.$ 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 $31,20$x$1$ and how should it be corrected?

THANK YOU FOR YOUR BUSINESS!

Sample Company

Profit and Loss

January $-$ March, $20$x$1$

$\backslash$table$[[,$JAN $20$xI$,$FEB $201,$MAR $201,$TOTAL$],[$Expenses$],[650$ Taxes, Insurance, and Protessional Fees,,,,$50\mathrm{.}00],[651$ Accounting and consulting fees,$300\mathrm{.}00,300\mathrm{.}00,500\mathrm{.}00,$$$1,100,00$