Daily Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared...
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Daily Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December 31 year-end. You have reviewed the balances and made notes shown in the right column. DAILY DRIVER, INCORPORATED Unadjusted Trial Balance Account Name Debit Cash Supplies $1,650 180 Prepaid Insurance. 1,850 Equipment 66,000 Accumulated Depreciation Salaries and Wages Payable Income Tax Payable Retained Earnings: Service Revenue Salaries and Wages 11,400 Expense Supplies Expense Common Stock Depreciation Expense 230 Insurance Expense Fuel Expense 1,900 Income Tax Expense 8 At December 31 Credit Notes This equals the bank balance. Only windshield washer fluid that cost $30 remains at December 31. This amount was paid January 2 for car insurance from January 1 through December 31 of this year. This is the car's purchase price. $3,960 The car will be two years old at the end of December. DDI has not yet paid or recorded $1,060 of salary for December. 0 DDI paid all its taxes from last year. 38,000 DDI issued 7,600 shares at $5 each. 6,080 This is the total accumulated earnings to January 1 of this year. 35,170 All revenue is received in cash when the service is given. DDI's only employee receives a salary of $1,060 for December.. This is the cost of windshield washer fluid used to November 30. The car's benefits are being used up about $3,960 per year. No car insurance has been paid for next year. All fuel is paid for in cash. DDI's tax rate is 20% of income before. tax. ook int rint rences View transaction list Journal entry worksheet < 2 5 Record the adjusting entry for income tax if DDI's tax rate is 20% of income before tax. Note: Enter debits before credits. Date General Journal Debit. Credit Dec 31 Income Tax Expense Income Tax Payable Daily Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December 31 year-end. You have reviewed the balances and made notes shown in the right column. DAILY DRIVER, INCORPORATED Unadjusted Trial Balance Account Name Debit Cash Supplies $1,650 180 Prepaid Insurance. 1,850 Equipment 66,000 Accumulated Depreciation Salaries and Wages Payable Income Tax Payable Retained Earnings: Service Revenue Salaries and Wages 11,400 Expense Supplies Expense Common Stock Depreciation Expense 230 Insurance Expense Fuel Expense 1,900 Income Tax Expense 8 At December 31 Credit Notes This equals the bank balance. Only windshield washer fluid that cost $30 remains at December 31. This amount was paid January 2 for car insurance from January 1 through December 31 of this year. This is the car's purchase price. $3,960 The car will be two years old at the end of December. DDI has not yet paid or recorded $1,060 of salary for December. 0 DDI paid all its taxes from last year. 38,000 DDI issued 7,600 shares at $5 each. 6,080 This is the total accumulated earnings to January 1 of this year. 35,170 All revenue is received in cash when the service is given. DDI's only employee receives a salary of $1,060 for December.. This is the cost of windshield washer fluid used to November 30. The car's benefits are being used up about $3,960 per year. No car insurance has been paid for next year. All fuel is paid for in cash. DDI's tax rate is 20% of income before. tax. ook int rint rences View transaction list Journal entry worksheet < 2 5 Record the adjusting entry for income tax if DDI's tax rate is 20% of income before tax. Note: Enter debits before credits. Date General Journal Debit. Credit Dec 31 Income Tax Expense Income Tax Payable
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