Cullumber's Rentals provides workers' compensation insurance for its employees. The estimated premium for this year is $6,048. The actual premium determined at the end of the year is $6,174. Prepare the journal entry for the payment of workers' compensation premium. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record payment of workers' compensation insurance premium) Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cullumber's Rentals provides workers' compensation insurance for its employees. The estimated premium for this year is $6,048. The
actual premium determined at the end of the year is $6,174.
Prepare the journal entry for the payment of workers' compensation premium. (Credit account titles are automatically indented when
the amount is entered. Do not indent manually.)
Account Titles and Explanation
(To record payment of workers' compensation insurance premium)
Debit
Credit
Transcribed Image Text:Cullumber's Rentals provides workers' compensation insurance for its employees. The estimated premium for this year is $6,048. The actual premium determined at the end of the year is $6,174. Prepare the journal entry for the payment of workers' compensation premium. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record payment of workers' compensation insurance premium) Debit Credit
Prepare the adjusting entry required at year-end. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually.)
Account Titles and Explanation
(To adjust Workers' Compensation Insurance)
Debit
Credit
Transcribed Image Text:Prepare the adjusting entry required at year-end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To adjust Workers' Compensation Insurance) Debit Credit
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