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Can anyone tell me if this is correct and if not what I did wrong. Thank you

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Can anyone tell me if this is correct and if not what I did wrong. Thank you;Exercise 3-7;On March 1, 2003, a company paid a $16,200 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;Check 2005 insurance expense;Accrual, $5,400, Cash, $0. Dec. 31, 2005;asset: Accrual, $900, Cash, $0;Balance Sheet Insurance Asset Using;Accrual Basis Cash Basis;Dec. 31, 2003 $_450.00____ $___0;Dec. 31, 2004 _6,300.00 ___ ___0;Dec. 31, 2005 _900.00_____ ___0;Dec. 31, 2006 _____0__ ____0;Insurance Expense Using;Accrual Basis Cash Basis;Dec. 31, 2003 $4,500.00__$_16,000;Dec. 31, 2004 __5,400.00;Dec. 31, 2005 __5,400.00 ____ ___0;Dec. 31, 2006 __900.00______ ___0;Total $_16,200.00______ $_16,000

 

Paper#27322 | Written in 18-Jul-2015

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