Mark Construction Company received and paid a premium notice on January 5 for workers' compensation insurance stating the rates for the new year. Estimated employees' earnings for the year are as follows:
?
At the end of the year, the exact figures for the payroll are as follows:
Instructions:

1.Record the entry in general journal form for the payment of estimated premium on
January 5.
2.Record the adjusting entries on December 31 for the insurance expired and for the additional premium.

Question

Mark Construction Company received and paid a premium notice on January 5 for workers' compensation insurance stating the rates for the new year. Estimated employees' earnings for the year are as follows:
?
  At the end of the year, the exact figures for the payroll are as follows:
Instructions:
  
1.Record the entry in general journal form for the payment of estimated premium on
January 5.
2.Record the adjusting entries on December 31 for the insurance expired and for the additional premium.

Quizplus · Accepted Answer

The Answer of Mark Construction Company received and paid a premium notice on January 5 for workers' compensation insurance stating the rates for the new year. Estimated employees' earnings for the year are as follows:
?
  At the end of the year, the exact figures for the payroll are as follows:
Instructions:
  
1.Record the entry in general journal form for the payment of estimated premium on
January 5.
2.Record the adjusting entries on December 31 for the insurance expired and for the additional premium.

Mark Construction Company Received and Paid a Premium Notice on January