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11 eBook Show Me How Calculator Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May

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Answer #1
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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