Adjusting Entries help needed Hydro Paddle Board

Jan. 31 Property tax accrued for the month:

Factory............................................ $970

General............................................274.52

Jan. 31 Close out under applied Factory Overhead of $2,741.38 to Cost of Goods Sold

Jan. 31 Based on past experiences, Hydro Paddle Boards, Inc. estimates that $15,800.00 is a reasonable balance for the January 31 balance in the Allowance for Doubtful Accounts.

Jan 31. Income tax is based on 40% of income before tax. Accrue income tax owed by debiting Income Tax Expense and crediting Income Tax Payable for $13,110.11

Answer rating: 100% (QA)

31 Jan Factory Exp Ac Dr 970 General Exp Ac Dr 27452 To property Tax Payab... View the full answer