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 recognizes

 Alsup Consulting sometimes performs services for which it receives payment atthe conclusion of the engagement, up to six months after services commence.Alsup recognizes service revenue for financial reporting purposes when the services are

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 2023-2026 are as follows: Pretax Accounting Service Revenue Collections Income 2023 $ 684, 000 $ 644, 900 $ 210, 090 2024 774, 000 802, 000 284, 900 2025 734, 090 726,900 252, 000 2026 740, 000 744, 090 224, 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, 2023- 2026.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2024 income taxes, 2025 income taxes, and 2026 income taxes. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 2 3 Record 2024 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journalView transaction list Journal entry worksheet 2 > Record 2025 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journalView transaction list Journal entry worksheet

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