On March 1, 2017, a company paid an $20,700 premium on a 36-month insurance policy for...
On March 1, 2017, a company paid an $20,700 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table
Homework Answers
| Balance Sheet | Income Statement | ||||
| Prepaid Insurance | Insurance expense | ||||
| Accrual Basis | Cash Basis | Accrual Basis | Cash Basis | ||
| Dec 31, 2017 | $ 26,000 | $ - | 2017 | $ 10,000 | $ 36,000 |
| Dec 31, 2018 | $ 14,000 | $ - | 2018 | $ 12,000 | $ - |
| Dec 31, 2019 | $ 2,000 | $ - | 2019 | $ 12,000 | $ - |
| Dec 31, 2020 | $ - | $ - | 2020 | $ 2,000 | $ - |
| Total | $ 36,000 | $ 36,000 | |||
Working
| Balance Sheet | Income Statement | |||
| Prepaid Insurance | Insurance expense | |||
| Accrual Basis | Accrual Basis | |||
| Dec 31, 2017 | =36000-10000 | 2017 | =36000*10/36 | |
| Dec 31, 2018 | =26000-12000 | 2018 | =36000*12/36 | |
| Dec 31, 2019 | =14000-12000 | 2019 | =36000*12/36 | |
| Dec 31, 2020 | 0 | 2020 | =36000*2/36 | |
| Total | $ - | |||
In cash basis, expense is recorded when paid
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