FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

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.

$_________

 

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:
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Jan. 2
1
2
3
3
3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.
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:
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Dec. 31
2
3
3
1.
expand button
Transcribed Image Text: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: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jan. 2 1 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--. 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: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 2 3 3 1.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education