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Prepare the journal entry for the payment as of January

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Problem - Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers' compensation insurance premium rate is 0.2%.

1- Calculate the estimated workers' compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--.

2- Assume that Columbia Industries' actual payroll for the year is $396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.

Reference no: EM132721096

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