24. 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: Calculate the estimated cost of workers' compensation insurance for the year. Show the journal entry for the total payment on January 2, 20- Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20-, 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. 1. 2. 3. 1. S 2. GENERAL JOURNAL Page 1 Date Description Post Ref. Debit Credit GENERAL JOURNAL Page 1 Date I Description Post Ref. Debit Credit