Accrual/Cash Basis

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Dec 21, 2007, 05:01 PM

GeorgeNor

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Join Date: Oct 2007

Posts: 2

Accrual/Cash Basis

I have a homework question, but I am only able to figure out half of it (I think). A company pays a $16,200 premium on a 36-month insurance policy for coverage beginning on 3-1-2003. I was given a table and I was given:

Balance Sheet Insurance Asset Using Insurance Expense Using
Accrual Basis Cash Basis Accrual Cash
12/31/03 2003
12/31/04 2004
12/31/05 900 0 2005 5400 0
12/31/06 2006
Total:

I think I can figure out the Insurance Expense, but I am not sure. Any help that you could give would be great. Thank you.

GeorgeNor

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