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CalNO On April 1, 2017, Sieg Enterprises purchases a 24-month property insurance policy for $93.600. The polcy is effective immediately. Assume that Sieg prepares adjustments only once a yeas on December 31 Required 1. Compute the monthly cost of the insurance policy per month 2. Identify and analyze the transaction to record the purchase of the policy an April 1, 2017 Activity Accounts Statement(s) How does this entry affect the accounting equation f a financial statement tem is not affected, select No Entry" and leave the amount box blank. If the effect on a financial statement item is negative La a decrease. be sure to enter the anser wth a minus sign. Balance Sheet Income Statemment Stockholders Net Liabilities Equity Assets Revenues Expenses Income 3. Idenbfy and analyze the adjustment on December 31, 2017 Activity Accounts Statement(s) How does this entry affect the accounting equation If a finandial statement tem is not affected, select No Entry" and leave the amount box blank. If the effect en a finandial statement item is negative. Le, a decrease, be sure to enter the answer with a minus sign Income Statement Balance Sheet Stockholders Net Liabdities Expenses Income Revenues Assets Equity Previous Check My Work 5 more Cheak My Wok uses remainings

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