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	$94,200	0.08	$75.36
Warehouse work	31,300	0.92	287.96
Manufacturing	267,400	2.21	5,909.54
			$6,272.86

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	$95,400	0.08	$76.32
Warehouse work	32,400	0.92	298.08
Manufacturing	270,300	2.21	5,973.63
			$6,348.03

Required:

a. Record the estimated premium entry for the payment on January 2, in general journal form.

GENERAL JOURNAL						PAGE
DATE	DESCRIPTION				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				DEBIT	CREDIT
20--	Adjusting Entries
Dec. 31
Dec. 31