College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 9, Problem 9SPB
1.
To determine
Calculate the estimated workers’ compensation insurance premium and prepare the
2.
To determine
Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--.
3.
To determine
Prepare a journal entry as of December 31, 20--, for the total amount that should be refunded.
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Willamette Manufacturing estimated that its total payroll for the coming year would be $670,000. The workers' compensation insurance premium rate is 0.3%.
Required:
1. Calculate the estimated workers' compensation insurance premium.$
Prepare the journal entry for the payment as of January 2, 20--.
Page:
DATE
ACCOUNT TITLE
DOC. NO.
POST. REF.
DEBIT
CREDIT
1
20--Jan. 2
1
2
2
3
Paid estimated workers' compensation insurance premium
3
2. Assume that Willamette Manufacturing's actual payroll for the year was $694,000. Calculate the total insurance premium owed.$
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.
Page:
DATE
ACCOUNT TITLE
DOC. NO.
POST. REF.
DEBIT
CREDIT
1
20--Dec. 31
1
2
2
3
Adjustment for insurance premium…
Workers' Compensation Insurance and Adjustment
Specialty Manufacturing estimated that its total payroll
for the coming year would be $447,500. 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--.
Page:
DỌC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Jan. 2
1
2
2
3
2. Assume that Specialty Manufacturing's actual payroll
for the year is $452,500.00. 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.
Page:
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Dec. 31
2
2
3
3
Workers' Compensation Insurance and Adjustment
Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%.
Required:
1. Calculate the estimated workers' compensation insurance premium.$
Prepare the journal entry for the payment as of January 2, 20--.
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 $452,500.00. Calculate the total insurance premium owed.$
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.
Page:
DATE
ACCOUNT TITLE
DOC. NO.
POST. REF.
DEBIT
CREDIT
1
20--Dec. 31
1
2
2
3
3
Chapter 9 Solutions
College Accounting, Chapters 1-27
Ch. 9 - Prob. 1TFCh. 9 - Prob. 2TFCh. 9 - Prob. 3TFCh. 9 - Prob. 4TFCh. 9 - The W-4, which shows total annual earnings and...Ch. 9 - Prob. 1MCCh. 9 - Prob. 2MCCh. 9 - Prob. 3MCCh. 9 - Prob. 4MCCh. 9 - Prob. 5MC
Ch. 9 - Total earnings for the employees of Garys Grill...Ch. 9 - Prob. 2CECh. 9 - Prob. 3CECh. 9 - Prob. 4CECh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Identify all items that are debited or credited to...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION OF TAXABLE EARNINGS AND EMPLOYER...Ch. 9 - Prob. 4SEACh. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEACh. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade...Ch. 9 - Prob. 9SPACh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - Prob. 2SEBCh. 9 - Prob. 3SEBCh. 9 - TOTAL COST OF EMPLOYEE B. F. Goodson employs...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - SUTA taxes on July 31, 20--. WORKERS COMPENSATION...Ch. 9 - Prob. 7SPBCh. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford...Ch. 9 - Prob. 9SPBCh. 9 - The director of the art department at an...Ch. 9 - Prob. 1ECCh. 9 - The totals line from Nix Companys payroll register...Ch. 9 - Prob. 1CP
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