Swifty Ltd made four quarterly payments of $ each to the Receiver General for Canada during as instalment payments on
its estimated corporate tax liability. At year end, Swifty's controller completed the company's tax return, which showed
income tax owing of $ on its income.
a
Your answer is partially correct.
Prepare the summary entry for the quarterly tax instalments and the yearend adjusting entry to recognize the income tax.
Credit account tities are automatically indented when the amount is entered. Do not indent manually, List ail debit entries before credit
entries. If no entry is required, select No Entry' for the account titles and enter O for the amounts.
Account Tities and Explanation
Debit
Credit
Income Tax Expense
To record current tax payments
To accrue current tax expense
