Southgate Inc. prepares interim financial statements each month. As part of the process, estimated income taxes of $ are accrued each month. The estimated income taxes are paid on the th of every month subsequent to the month of accrual. The actual amount of taxes due at the end of the year, December is determined to be $ Prepare journal entries to record the following :
a The estimated income taxes on January
b Payment of taxes on February
c The adjustment to Income Tax Payable on December
Prepare journal entries to record these transactions for Vision Consulting Inc.
tableGeneral JournalDateAccount Title and Explanation,PRDebit,Credit,
