Southgate Inc. prepares interim financial statements each month. As part of the process, estimated income taxes of $2,600 are accrued each month. The estimated income taxes are paid on the 15th of every month subsequent to the month of accrual. The actual amount of taxes due at the end of the year, December 31, 2023, is determined to be $34,150. Prepare journal entries to record the following: a. The estimated income taxes on January 31, 2023. b. Payment of taxes on February 15, 2023. c. The adjustment to Income Tax Payable on December 31, 2023. Prepare journal entries to record these transactions for Vision Consulting Inc. General Journal Date Account Title and Explanation PR Debit Credit
Southgate Inc. prepares interim financial statements each month. As part of the process, estimated income taxes of $2,600 are accrued each month. The estimated income taxes are paid on the 15th of every month subsequent to the month of accrual. The actual amount of taxes due at the end of the year, December 31, 2023, is determined to be $34,150. Prepare journal entries to record the following: a. The estimated income taxes on January 31, 2023. b. Payment of taxes on February 15, 2023. c. The adjustment to Income Tax Payable on December 31, 2023. Prepare journal entries to record these transactions for Vision Consulting Inc. General Journal Date Account Title and Explanation PR Debit Credit
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 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...
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