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Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry)

Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $32.130 75,600 252.000 390.600 18,900 37,800 3,780 Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue $6,300 126,000 443,520 176.400 837.900 12.600 15,120 All accounts have normal balances and total assets equal $1,030,050. Kingbird has a 20% income tax rate
Transcribed Image Text:Current Attempt in Progress Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $32.130 75,600 252.000 390.600 18,900 37,800 3,780 Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue $6,300 126,000 443,520 176.400 837.900 12.600 15,120 All accounts have normal balances and total assets equal $1,030,050. Kingbird has a 20% income tax rate
(a2) Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Date Account Titles July 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 2 used. Submit Answer
Transcribed Image Text:(a2) Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Date Account Titles July 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 2 used. Submit Answer
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