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On June 1, 2015, a company paid an $21,600 premium on a 36-month insurance policy for coverage beginning on tha date. Refer to that policy
On June 1, 2015, a company paid an $21,600 premium on a 36-month insurance policy for coverage beginning on tha date. Refer to that policy and fill in the blanks in the following table. Balance Sheet Prepaid Insurance Accrual Basis Answer is not complete. Income Statement Insurance Expense Accrual Cash Basis Basis 2015 $ 6,600 Cash Basis S 15,000 7,800 2016 7,200 Dec 31, 2015 Dec. 31, 2016 Dec. 31. 2017 Dec 31 2018 600 2017 7,200 0 2018 600 21,600 TS Total $ 0
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