Homework Answers
| DATE | GENERAL JOURNAL | DEBIT | CREDIT |
| Dec 31 | Taxes expense | 3,040 | |
| Prepaid taxes (4,560/12)*8 | 3,040 | ||
| (to adjust prepaid taxes) | |||
| Dec 31 | Taxes expense | 20,075 | |
| Taxes payable | 20,075 | ||
| (to record taxes payable) |
B.
Amount of taxes payable = 3,040 + 20,075 = 23,115
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