Question: Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup

Alsup Consulting sometimes performs services for which it receives payment at theconclusion of the engagement, up to six months after services commence. Alsuprecognizes service revenue for financial reporting purposes when the services are performed.For tax purposes, revenue is reported when fees are collected. Service revenue,

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: Pretax Accounting 2020 2021 2022 2023 Service Revenue $680,000 Collections Income $640,000 $206,000 770,000 798,000 280,000 730,000 736,000 722,000 248,000 740,000 220,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%. (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (e.g. 150,000 should be entered as 150).) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (e.g. 150,000 should be entered as 150).) View transaction list Journal entry worksheet 1 2 3 Record 2021 income taxes. Note: Enter debits before credits Event 1 General Journali Debit Credit Record entry Clear entry View general journal 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (e.g. 150,000 should be entered as 150).) View transaction list Journal entry worksheet < 2 3 Record 2022 income taxes. Note: Enter debits before credits Event 2 General Journal Debit Credit Record entry Clear entry View general journal > Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (e.g. 150,000 should be entered as 150).) View transaction list Journal entry worksheet 2 3 Record 2023 income taxes. Note: Enter debits before credits Event 3 General Journal Debit. Credit Record entry Clear entry View general journal

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