Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).

Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 8E

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