Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers compensation
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Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers’ compensation insurance premium rate is 0.2%.
REQUIRED
1. Calculate the estimated workers’ compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--.
2. Assume that Columbia Industries’ actual payroll for the year is $396,000. Calculate the total insurance premium owed and 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.
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1 Workers compensation insurance premium 385000 0002 77000 2 Actual payroll 396000 ...View the full answer
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