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Give the required journal entry to record needed adjustment

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Question - 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.

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.

Reference no: EM133055520

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