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Prepaid and accrued tax question
On April 2, Co. prepaid tax 1020 for one year and debited prepaid tax a/c.
Co. is also to pay in January an annual tax on property for previous calender year. The estimated amount of property tax is (April 1-Dec.31) is 10210. A) Journalize the two adjusting entries required to bring the account affected by the two taxes up to date as of Dec.31 B) what is the amount of tax expense for the current year? I don't know how to solve the situation? Please help Thanks. |
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