Year Beer Resturant estimated $360,000 in income taxes for 2017.

1. (1) Record ONE ENTRY for the estimated monthly income tax entry

2. (2) Record ONE ENTRY for the payment on the 15 of each month

3. (3) Assume that in December 2017 the income tax for the year is determined to be $345,000

   for the year. Journalize the entry accrue income tax in December 2017

4. (4) Journalize the payment on January 15, 2018

5. (5) Think about what might happen if the income tax for the year is determined to be 300,000. What do you think your entry might be for December 2017 in this case?

Answer rating: 100% (QA)

Journal Entries 1 Income Tax Expenses Dr 30000 36000012 months To Income Tax Payable 30000 ... View the full answer