Peach Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units dur
1 answer:
You might be interested in
Answer:
Please see the attached Snapshot for a schedule showing service revenue receivable and below are the journal entries for the year 2013, 2014 and 2015 on Income Taxes.
Explanation:
1. 2013 Journal Entry
Alsup Consulting
Dated: December 31, 2013
Debit: Tax Expense $134,000
Debit: Deferred Tax Liability $4,000
Credit: Income Tax Payable $138,000
<em>To record Income Tax Payable.</em>
2. 2014 Journal Entry
Alsup Consulting
Dated: December 31, 2014
Debit: Tax Expense $108,000
Credit: Income Tax Payable $100,000
Credit: Deferred Tax Liability $8,000
<em>To record Income Tax Payable.</em>
3. 2015 Journal Entry
Alsup Consulting
Dated: December 31, 2015
Debit: Tax Expense $114,000
Debit: Deferred Tax Liability $10,000
Credit: Income Tax Payable $124,000
<em>To record Income Tax Payable.</em>
