Great Manufacturing Company received and paid a premium notice on
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 entry in general journal form for the payment on January 2 of the estimated premium.
b. Record the adjusting entries on December 31 for the insurance expired and for the additionalpremium.
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