A company paid a $3,168 one-year insurance premium on April 1, 2022. The payment was recorded with a debit to Insurance Expense for $3,168 and a credit to Cash for $3,168. At the end of April, $263 of the insurance premium had been used or expired ($3,168 / 12 months).

1. A company makes the payment of a one-year insurance premium of $3 , 168 on April 1, 2022.
Exercise 5 21 (Algo) Part a (1) a-1. Use the horizontal model to record the above transaction.
Note: Enter decreases to account balances with a minus sign. A company makes the payment of
a one-year insurance premium of $3 , 168 on April 1, 2022. Exercise 5-21 (Algo) Part a (2) 2.
Prepare the journal entry to record the above transaction. Note: If no entry is required for a
transaction/event, select "No journal entry required" in the first account fieid. Journal entry
worksheet Record the payment of a one-year insurance premium. Notei Enter debits before
crediss: [The following information applies to the questions displayed below] A company makes
the payment of a one-year insurance premium of $3 , 168 on April 1, 2022. Exercise 5 21 (Algo)
Part b (1) b-1. Use the horizontal model to show the amount of insurance premium "used" at the
end of the month. Note: Enter decreases to account balances with a minus sign. "at the end of the
month.