Problem 11.6A (Algo) Computing and recording workers' compensation insurance premiums. LO 11-8

Problem 11.6A (Algo) Computing and recording workers' compensation insurance premiums. LO 11-8 The following Information relates to Ponte Manufacturing Company's workers' compensation Insurance premiums for 201. On January 15, 20X1, the company estimated Its premium for workers' compensation Insurance for the year on the basis of that data. Requlred: 1. Compute the estimated premiums. 2. Record In general journal form payment of the estimated premlum on January 15, 201. 3. On January 4,202, an audit of the firm's payroll records showed that it had actually pald wages of $55,960 to Its office employees and wages of $301,320 to Its shop employees. Compute the actual premlum for the year and the balance due the Insurance company or the credit due the firm. 4. Prepare the general Journal entry on December 31, 20X1, to adjust the Workers' Compensation Insurance Expense account. Analyze: If all wages were attributable to shop employees, what premlum estimate would have been calculated and recorded on January 15 , 201? Complete this question by entering your answers in the tabs below. On January 4,202, an audit of the firm's payroll records showed that it had actually paid wages of $55,960 to its office employees and wages of $301,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. (Round "Insurance Rate" answers to 3 decimal places. i.e., 12.3\% should be entered as 0.123) If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15,201 ? Journal entry worksheet Record the balance due to the insurance company or the credit due the firm. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Compute the estimated premiums. (Round "Insurance Rate" answers to 3 decimal places, i.e, 12.3\% should be entered as 0.123 ) Journal entry worksheet Record the general journal entry to adjust the Workers' Compensation Insurance Expense account. Note: Enter debits before credits