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Journalize the entry on August 15 to record payment to the insurance carrier of the amount withheld fro the employees' earnings for workers' compensation insurance and the amount of the employer's liability. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT

Journalize the entry on August 15 to record payment to the insurance carrier of the amount withheld fro the employees' earnings for workers' compensation insurance and the amount of the employer's liability. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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d. Journalize the entry on August 15 to record payment to the insurance carrier of the amount withheld from the employees' earnings for workers' compensation insurance and the amount of the employer's liability. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 3 3 4 4. 5
Transcribed Image Text:d. Journalize the entry on August 15 to record payment to the insurance carrier of the amount withheld from the employees' earnings for workers' compensation insurance and the amount of the employer's liability. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 3 3 4 4. 5
In Oregon, employers who are covered by the state workers' compensation law withhold employee contributions from the wages of covered employees for the workers' benefit fund at the rate of 1.1¢ for each hour or part of an hour that the worker is employed. Every covered employer is also assessed 1.1¢ per hour for each worker employed for cach hour or part of an hour. The employer-employee contributions for workers' compensation are collected monthly, quarterly, or annually by the employer's insurance carrier, according to a schedule agreed upon by the employer and the carrier. The insurance carrier remits the contributions to the state's Workers' Compensation Department. Cortez Company, a covered employer in Oregon, turns over the employer-employee workers' compensation contributions to its insurance carrier by the 15th of each month for the preceding month. During the month of July, the number of full-time employee-hours worked by the company's employees was 8,270; the number of part-time employee-hours was 1,950. a. The amount the company should have withheld from its full- and part-time employees during the month of July for workers' compensation insurance is $ b. The title you would give to the general ledger liability account to which the amount withheld from the employees' earnings would be credited is: c. Journalize the entry on July 31 to record the employer's liability for the month. ers' compensation insurance for JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 1 3 3 4 5
Transcribed Image Text:In Oregon, employers who are covered by the state workers' compensation law withhold employee contributions from the wages of covered employees for the workers' benefit fund at the rate of 1.1¢ for each hour or part of an hour that the worker is employed. Every covered employer is also assessed 1.1¢ per hour for each worker employed for cach hour or part of an hour. The employer-employee contributions for workers' compensation are collected monthly, quarterly, or annually by the employer's insurance carrier, according to a schedule agreed upon by the employer and the carrier. The insurance carrier remits the contributions to the state's Workers' Compensation Department. Cortez Company, a covered employer in Oregon, turns over the employer-employee workers' compensation contributions to its insurance carrier by the 15th of each month for the preceding month. During the month of July, the number of full-time employee-hours worked by the company's employees was 8,270; the number of part-time employee-hours was 1,950. a. The amount the company should have withheld from its full- and part-time employees during the month of July for workers' compensation insurance is $ b. The title you would give to the general ledger liability account to which the amount withheld from the employees' earnings would be credited is: c. Journalize the entry on July 31 to record the employer's liability for the month. ers' compensation insurance for JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 1 3 3 4 5
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