1 answer

C. The company's income tax rate is 20%. After making all the above adjustments, SPC's net...

Question:

C. The company's income tax rate is 20%. After making all the above adjustments, SPC's net income before taxes $10,000. No income tax has been paid or recorded. Record at the adjusting entry for income tax and 20% on that income before taxes of $10,000.
Fnewconnect.mheducation.com%252F#/activity/questi apter 4 HW 0 Saved wy 1. in the first account field.) 2 nts a. Prepaid Insu
Fnewconnect.mheducation.com%252F#/activity/questi apter 4 HW 0 Saved wy 1. in the first account field.) 2 nts a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,340, representing the cost of a three-year fire insurance policy purchased on September 1 of the current year. b. On August 31 of this year, Cash was debited and Service Revenue was credited for $1,500. The S1,500 related to fees for a three- month period beginning September 1 of the current year. c. The company's income tax rate is 20%. After making the above adjustments, SPC's net income before tax is $10,000. No income tax has been paid or recorded. eBook View transaction list Print Journal entry worksheet eferences Record the adjusting entry for income tax of 20% on net income before tax of $10,000 Note: Enter debits before credits Transaction General Journal Debit Credit с Record entry Clear entry View general journal

Answers

Adjusting entries
S.no. Accounts title and explanation Debit $ Credit $
a. Prepaid insurance (2340*35/36) 2275
    Insurance expense 2275
(for unexpired insurance transferred to Prepaid insurance)
b. Service revenue (1500*2/3) 1000
     Unearned service revenue 1000
(for advance revenue received)
c. Income tax expenses (10,000*20%) 2000
     Income tax payable 2000
(for income tax expense due)
.

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