Parrish 2-8 #2 Pg 32Complete this as a T-Account.  Calculate the missing amount and write it in the space in the  T-Account.  Assume that the beginning and ending balances are on the normal side of the account, that, the side on which the balance increaes Taxes Payable On the left side of the T-Account1) 2/28 $ Unknown -Debit On right side of T-Account2) 2/1 Beginning balance $300003) 2/6 Transaction A $250004) Transaction B $3500

Auditing: A Risk Based-Approach (MindTap Course List)
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Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
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Chapter9: Auditing The Revenue Cycle.
Section: Chapter Questions
Problem 30RQSC
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Parrish 2-8 #2 Pg 32
Complete this as a T-Account.  Calculate the missing amount and write it in the space in the  T-Account.  Assume that the beginning and ending balances are on the normal side of the account, that, the side on which the balance increaes


Taxes Payable

On the left side of the T-Account
1) 2/28 $ Unknown -Debit


On right side of T-Account
2) 2/1 Beginning balance $30000
3) 2/6 Transaction A $25000
4) Transaction B $3500

Expert Solution
Step 1

Required T-account:

В
C
Taxes Payable
Dr.
Cr.
1
Beginning Balance 30000
25000
3500
2
Transaction A
Transaction B
4
5 Ending balance =D5
|-SUM(D2:D4)
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