Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year. $fill in the blank 79e6ee06efc5fe1_1 2. Show the journal entry for the first quarterly payment on January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--. $fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment needed on December 31, 20--. The actual payment of the additional insurance premium will not take place until January of the following year. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Dec. 31 Workers' Compensation Insurance Expense fill in the blank 248b14043f8b04a_2 fill in the blank 248b14043f8b04a_3 1 2 Wages and Salaries Payable fill in the blank 248b14043f8b04a_5 fill in the blank 248b14043f8b04a_6 2 3
Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year. $fill in the blank 79e6ee06efc5fe1_1 2. Show the journal entry for the first quarterly payment on January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--. $fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment needed on December 31, 20--. The actual payment of the additional insurance premium will not take place until January of the following year. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Dec. 31 Workers' Compensation Insurance Expense fill in the blank 248b14043f8b04a_2 fill in the blank 248b14043f8b04a_3 1 2 Wages and Salaries Payable fill in the blank 248b14043f8b04a_5 fill in the blank 248b14043f8b04a_6 2 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter.
Required:
1. Calculate the estimated cost of workers' compensation insurance for the year.
$fill in the blank 79e6ee06efc5fe1_1Page:2. Show the
journal entry for the first quarterly payment on January 2, 20--.If an amount box does not require an entry, leave it blank.
DATE DESCRIPTION POST.
REF.DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.
$fill in the blank 29f2d308aff9fad_1Page:3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment needed on December 31, 20--. The actual payment of the additional insurance premium will not take place until January of the following year.
If an amount box does not require an entry, leave it blank.
DATE DESCRIPTION POST.
REF.DEBIT CREDIT 1 Dec. 31 Workers' Compensation Insurance Expense fill in the blank 248b14043f8b04a_2 fill in the blank 248b14043f8b04a_3 1 2 Wages and Salaries Payable fill in the blank 248b14043f8b04a_5 fill in the blank 248b14043f8b04a_6 2 3 3
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