Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting...

 

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Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year, ended March 31, 2018. Juan has also completed a correct trial balance as follows: Account Titles Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Salaries and commissions payable Note payable, long term Contributed capital (30,000 shares) Retained earnings (on April 1, 2017) Dividends declared JUAN REAL ESTATE COMPANY Adjusted Trial Balance At March 31, 2018 Sales commissions earned Management fees earned Operating expenses (detail omitted to conserve your time) Depreciation expense (including $700 on office equipment) Interest expense Totals Assuming a 30 percent tax rate. Debit $ 57,000 46,800 500 34,000 3,400 8,400 52,000 6,300 2,700 $211,100 Credit $ 12,000 1,200 21,250 1,700 34,000 39,000 7,950 79,000 15,000 $211,100 Prepare the journal entry to record income taxes for the year (not yet paid). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year, ended March 31, 2018. Juan has also completed a correct trial balance as follows: Account Titles Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Salaries and commissions payable Note payable, long term Contributed capital (30,000 shares) Retained earnings (on April 1, 2017) Dividends declared JUAN REAL ESTATE COMPANY Adjusted Trial Balance At March 31, 2018 Sales commissions earned Management fees earned Operating expenses (detail omitted to conserve your time) Depreciation expense (including $700 on office equipment) Interest expense Totals Assuming a 30 percent tax rate. Debit $ 57,000 46,800 500 34,000 3,400 8,400 52,000 6,300 2,700 $211,100 Credit $ 12,000 1,200 21,250 1,700 34,000 39,000 7,950 79,000 15,000 $211,100 Prepare the journal entry to record income taxes for the year (not yet paid). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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To prepare the journal entry to record income taxes for the year that have not yet been paid you wil... View the full answer