The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums for 201. On January 15,201, the company estimated its premium for workers' compensation insufance for the year on the basis of that data. Required: 1. Compute the estimated premiums 2. Record in general journal form payment of the estimated premium on January 15,201 3. On January 4, 20X2, an audit of the firm's payroll records showed that it had actually paid wages of $68,960 to its office employees and wages of $314,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. 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 premium estimate would have been cafculated and recorded on January 15, 2013 Complete this question by entering your answers in the tabs below. Compute the estimated premlums. (Round "Insurance Rate" answors to 3 decimal placesi, life, 12.33 she shobild be entered as 0.123) 201? Complete this question by entering your answers in the tabs below. Record in general joumal form payment of the estimated premium on January 15, 20x1. (Round your answers to 2 d Journal entry worksheet Record payment of estimated workers compensation for the year. Note: Enter debits before credits. 2. Record in general journal form payment of the estimated premium on January 15,201. 3. On January 4, 202 an audit of the firm's payroll records showed that it had actually paid wages of $68,960 to its office employ and wages of $314,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. 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 premium 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, 20x2, an audit of the firm's payroll records showed that it had actually paid wages of $68,960 to its office employees and wages of $314,320 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. 1.e., 12.3\% should be entered as 0.123 ) Complete this question by entering your answers in the tabs below. Prepare the general journal entry on December 31,201, to adjust the Workers' Compensation Insura your answers to 2 decimal places.) Journal entry worksheet Record the balance due to the insurance company or the credit due the firm. Note: Enter debits before credits. quired: Compute the estimated premiums. Record in general journal form payment of the estimated premium on January 15,201 On January 4, 20X2, an audit of the fitm's payroll records showed that it had actually paid wages of $68,960 to its office employees and wages of $314,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm Prepare the general journal entry on December 31, 20X1, to adjust the Workers' Compensation Insurance Expense account halyze: all wages were attributable to shop employees, What premium estimate would have been calculated and recorded on January 15 , Complete this question by entering your answers in the tabs below. If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15,201
