Question

Evans, Inc., estimates that its federal income tax for the forthcoming fiscal year will be $ 115,000.
a. Record the first journal entry for the four quarterly payments.
b. Assume that Evans, Inc., underpaid its tax liability by $ 7,830.
Record the adjusting journal entry required at December 31 and the entry when the amount due is paid on March 15.



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  • CreatedOctober 21, 2014
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