Cormier's Books has the following data in its federal Income Tax payable General Ledger account: Federal Income Tax payable DATE February 28 March 15 DESCRIPTION POST REFERENCE 34 35 For the entry on February 28, what does the J4 signify? DEBIT Account Number 221 CREDIT $ 3,468.22 BALANCE DEBIT CREDIT $ 6,952.82

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue autho…