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

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

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

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College Accounting (Book Only): A Career Approach
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