A company makes a payment of $3,960 towards one-year insurance premium on March 1. a-1. Use the horizontal model to record the above transaction.
(Use amounts with + for increases and amounts with – for decreases.)
Balance Sheet Income Statement
Assets = Liabilities + Stockholders' Equity ← Net Income = Revenues - Expenses
= + ← = -
= + ← = -
a-2. Write the journal entry to record the above transaction. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.)
Journal Entry Worksheet
Record the payment of a one-year insurance premium.
Date General Journal Debit Credit
Mar 01
Enter debits before credits
b. Calculate the amount of prepaid insurance that should be reported on the December 31, 2016 balance sheet with respect to this policy.

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Factors like the unemployment rate,the stock market,global trade,economic policy,and the economic situation of other countries have no influence on the financial status of individuals. true or false