please explain why the option is correct and remaining incorrect Multiple ChoiceOOOIt is the fourth entry in the General Journal on that date.The transaction appears on page four of the General Journal.It is the fourth repetition of the same entry.The account appears fourth in the list of liability accounts Cormier's Books has the following data in its federal Income Tax payable General Ledger account:Federal Income Tax payableDATEFebruary 28March 15DESCRIPTION POST REFERENCE DEBITJ435For the entry on February 28, what does the J4 signify?Account Number 221CREDIT$3,468.22BALANCEDEBITCREDIT$ 6,952.82

Solution: The entry posted in income tax payable on feb 28 is credit of $3,468.22 with post…

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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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