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ook Int onces On March 1, Year 1, a company paid an $18,000 premium on...

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Accounting

ook Int onces On March 1, Year 1, a company paid an $18,000 premium on a 36-month insurance policy for coverage beginning on that date. Re that policy and fill in the blanks in the following table. Balance Sheet Prepaid Insurance December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Accrual Basis 0 Cash Basis Year 1 Year 2 Year 3 Year 4 Total Income Statement Insurance Expense Accrual Basis $ FA 6,000 6,000 Cash Basis $ 18,000 12,000 $ 18,000
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On March 1, Year 1, a company paid an $18,000 premium on a 36-month insurance policy for coverage beginning on that date. that policy and fill in the blanks in the following table

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