Adjusting Entries for Prepaid and Accrued Taxes
A-Z Construction Company was organized on May...
Business, 05.05.2020 03:15 lexibyrd120
Adjusting Entries for Prepaid and Accrued Taxes
A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $5,400 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the current calendar year of $21,140.
a. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year.
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