Great Manufacturing Company received and paid a premium notice on January 2 for workers' compensation insurance...
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:
| Classification | Estimated Wages and Salaries |
Rate per Hundred (Percent) |
Estimated Premium |
| Office clerical | $92,000 | 0.11 | $101.20 |
| Warehouse work | 29,000 | 0.92 | 266.80 |
| Manufacturing | 264,000 | 2.20 | 5,808.00 |
| $6,176.00 |
At the end of the year, the exact figures for the payroll are as follows:
| Classification | Actual Wages and Salaries |
Rate per Hundred (Percent) |
Exact Premium |
| Office clerical | $93,000 | 0.11 | $102.30 |
| Warehouse work | 30,000 | 0.92 | 276.00 |
| Manufacturing | 267,000 | 2.20 | 5,874.00 |
| $6,252.30 |
Required:
a. Record the estimated premium entry for the payment on January 2, in general journal form.
| GENERAL JOURNAL | PAGE | |||||
|---|---|---|---|---|---|---|
| DATE | DESCRIPTION | DOC. NO. | POST. REF. | DEBIT | CREDIT | |
| 20-- | ||||||
| Jan. 2 | ||||||
| To record premium payment based on estimated wages and salaries for the year. | ||||||
b. Record the adjusting entries on December 31 for the insurance expired and for the additional premium. (Journalize the adjusting entry for the insurance first, then the additional premium.) If required, round your final answer to the nearest cent.
| GENERAL JOURNAL | PAGE | |||||
|---|---|---|---|---|---|---|
| DATE | DESCRIPTION | DOC. NO. | POST. REF. | DEBIT | CREDIT | |
| 20-- | Adjusting Entries | |||||
| Dec. 31 | ||||||
| Dec. 31 | ||||||
Homework Answers
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| Great Manufacturing Company | ||||||
| a. Record the estimated premium entry for the payment on January 2, in general journal form. | ||||||
| Date | Description | Doc No. | Post Ref | Debit | Credit | |
| 2-Jan | Prepaid Insurance Premium | 6,176.00 | ||||
| Cash | 6,176.00 | |||||
| b. Record the adjusting entries on December 31 for the insurance expired and for the additional premium. (Journalize the adjusting entry for the insurance first, then the additional premium.) If required, round your final answer to the nearest cent | ||||||
| 31-Dec | Insurance Premium Expense | 6,176.00 | ||||
| Prepaid Insurance Premium | 6,176.00 | |||||
| 31-Dec | Insurance Premium Expense | 76.30 | ||||
| Liability for Insurance Premium | 76.30 | |||||
| Liability for Insurance Premium | ||||||
| Insurance Premium Expense | 6,252.30 | |||||
| Prepaid Insurance Premium | 6,176.00 | |||||
| Liability for Insurance Premium | 76.30 | |||||
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