Chrome File Edit View History Bookmarks Profiles Tab Window Help B Q Sun Oct 16 1:28 PM O O Bookkeeping & X G Other Long-terr X G Other Long-terr X Bookkeeping & X Question 1 - Ch X Search Results X Homework Help X G on august 1, yea x + - > C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fonline.pmi.edu%252Fwebapps%252Fblackb... * 0@ Update Ch. 3 Assignment i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Exercise 3-1 (Algo) Determining assets and expenses for accrual and cash accounting LO C1 2.5 On August 1, Year 1, a company paid an $23,400 premium on a 36-month insurance policy for coverage beginning on that date. Refer points to that policy and fill in the blanks in the following table. x Answer is complete but not entirely correct. Balance Sheet Income Statement Prepaid Insurance Insurance Expense Accrual Cash Accrual Cash Basis Basis Basis Basis December 31, Year 1 $ 18,600 X o Year 1 $ 3,000 X $ 21,600 X December 31, Year 2 11,400 X 0Year 2 7,200 X December 31, Year 3 4,200 X 0 Year 3 7,200 X December 31, Year 4 Year 4 ,200 X Total $ 21,600 $ 21,600 Mc Graw Prey 1 of 10 Next > Hill OCT 6,828 16 G