1. Workers Compensation Insurance is given at 0.2% of payroll for the year. If the estimated payroll for the current year was $850,000, give the required journal entry to record this transaction in cash for the beginning of the year.
2.If the above payroll, was overestimated by $18,500, give the required journal entry to record the needed adjustment (accounts receivable) at the end of the year.
3. If the amount was underestimated by $85,000 for the same problem in question # 1; give
the required entry (cash) for the needed adjustment for the end of the year!
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Compensation Insurance is given at 0.2% of payroll for the year. If the estimated payroll for the current year was $850,000, give the required journal entry to record this transaction in cash for the beginning of the year.
2.If the above payroll, was overestimated by $18,500, give the required journal entry to record the needed adjustment (accounts receivable) at the end of the year.
3. If the amount was underestimated by $85,000 for the same problem in question # 1; give
the required entry (cash) for the neede
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