Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium. $ Prepare the journal entry for the payment as of January 2, 20--. Page: DỌC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Jan. 2 1 2 2 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed. Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Dec. 31 2 2 3 3
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium. $ Prepare the journal entry for the payment as of January 2, 20--. Page: DỌC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Jan. 2 1 2 2 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed. Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Dec. 31 2 2 3 3
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 6SEA
Related questions
Question
![Workers' Compensation Insurance and Adjustment
Specialty Manufacturing estimated that its total payroll
for the coming year would be $447,500. The workers'
compensation insurance premium rate is 0.2%.
Required:
1. Calculate the estimated workers' compensation
insurance premium.
$
Prepare the journal entry for the payment as of January
2, 20--.
Page:
DỌC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Jan. 2
1
2
2
3
2. Assume that Specialty Manufacturing's actual payroll
for the year is $452,500.00. Calculate the total
insurance premium owed.
Prepare a journal entry as of December 31, 20--, to
record the adjustment for the underpayment. The actual
payment of the additional premium will take place in
January of the next year.
Page:
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Dec. 31
2
2
3
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a3f1e7a-a5fa-4c72-aa71-af6dc985f612%2F6cae5b2b-e139-4f45-8328-f4a0de6a85a0%2Fzwzltfc_processed.png&w=3840&q=75)
Transcribed Image Text:Workers' Compensation Insurance and Adjustment
Specialty Manufacturing estimated that its total payroll
for the coming year would be $447,500. The workers'
compensation insurance premium rate is 0.2%.
Required:
1. Calculate the estimated workers' compensation
insurance premium.
$
Prepare the journal entry for the payment as of January
2, 20--.
Page:
DỌC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Jan. 2
1
2
2
3
2. Assume that Specialty Manufacturing's actual payroll
for the year is $452,500.00. Calculate the total
insurance premium owed.
Prepare a journal entry as of December 31, 20--, to
record the adjustment for the underpayment. The actual
payment of the additional premium will take place in
January of the next year.
Page:
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Dec. 31
2
2
3
3
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