Workers' Compensation Insurance and Adjustment

Willamette Manufacturing estimated that its total payroll for the coming year would be $$648,000,$ The workers' compensation insurance premium rate is $0\mathrm{.}3\%.$

Required:

Calculate the estimated workers compensation insurance premium.

Fectorick

Check My Mrk

Prepare the journal entry for the payment as of January $2,20\%$

Page:

DATE

ACCOUNT TITLE

DOC. POST.

NO$.$ REF.

DEBIT

CREDIT

Feedoack

Check My Mork

Assume that Willamette Manufacturing's actual payroll for the year was $$673,000.$ Galculate the totall insurance premrum owed.

Fredbsok

F Check My Work

DATE

ACCOUNT TITLE

$120-$

Dec. $31$

$2$

$3$

Workers' Compensation Insurance Expense Workers' Compensation Insurance Pavable

Adjustment for insurance premium

DOC. POST.

NO$.$ REF.

DEBIT

CREDIT

$1$

$x2$

x $2$

$3$