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Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1.  Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page:     DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 20-- Jan. 2           1 2             2 3             3 2.  Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page:     DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 20-- Dec. 31           1 2             2 3             3       Check My Work5 more Check My Work uses remaining.

Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1.  Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page:     DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 20-- Jan. 2           1 2             2 3             3 2.  Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page:     DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 20-- Dec. 31           1 2             2 3             3       Check My Work5 more Check My Work uses remaining.

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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  1. Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%.

    Required:

    1.  Calculate the estimated workers' compensation insurance premium.
    $

    Prepare the journal entry for the payment as of January 2, 20--.

    If an amount box does not require an entry, leave it blank.

    Page:  
      DATE ACCOUNT TITLE DOC.
    NO.    		 POST.
    REF.    		 DEBIT CREDIT  
    1 20-- Jan. 2           1
    2             2
    3             3

    2.  Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.
    $

    Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.

    If an amount box does not require an entry, leave it blank.

    Page:  
      DATE ACCOUNT TITLE DOC.
    NO.    		 POST.
    REF.    		 DEBIT CREDIT  
    1 20-- Dec. 31           1
    2             2
    3             3
  2.  
  3.  
  4.  
Check My Work5 more Check My Work uses remaining.
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