Great Manufacturing Company received and paid a premium notice on January 2 for workers’ compensation insurance stating the rates for the new year. Estimated employees’ earnings for the year are as follows: At the end of the year, the exact figures for the payroll are as follows: a. Record the entry in general journal form for the payment on January 2 of the estimated premium. b. Record the adjusting entries on December 31 for the insurance expired and for the additional premium.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter 8, Problem 8E
Textbook Problem

Great Manufacturing Company received and paid a premium notice on January 2 for workers’ compensation insurance stating the rates for the new year. Estimated employees’ earnings for the year are as follows:

Chapter 8, Problem 8E, Great Manufacturing Company received and paid a premium notice on January 2 for workers compensation , example  1

At the end of the year, the exact figures for the payroll are as follows:

Chapter 8, Problem 8E, Great Manufacturing Company received and paid a premium notice on January 2 for workers compensation , example  2

  1. a. Record the entry in general journal form for the payment on January 2 of the estimated premium.
  2. b. Record the adjusting entries on December 31 for the insurance expired and for the additional premium.

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Chapter 8 Solutions

College Accounting (Book Only): A Career Approach
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