Use the work sheet for Provident Electronics, Inc. from Work Together 13-1. Statement paper and pages 14, 15, and 16 of a general journal are provided in the Working Papers. Your instructor will guide you through the following examples.

1. Journalize the adjusting entries on page 14 of the general journal.

2. Journalize the closing entries on page 15 of the general journal.

3. Prepare a post-closing trial balance as of December 31 of the current year.

4. Journalize the reversing entries on page 16 of the general journal.

Data from Work Together 13-1

A work sheet for Provident Electronics, Inc., for the current year is provided in the Working Papers.

Calculate net income before federal income tax.

Calculate the amount of federal income tax using the following rates:

Calculate the accrued federal income tax expense.
Record the adjustment on the work sheet.
Complete the work sheet.

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15% of net income before taxes, zero to $50,000.00 Plus 25% of net income before taxes, $50,000.00 to $75,000.00 Plus 34% of net income before taxes, $75,000.00 to $100,000.00 Plus 39% of net income before taxes, $100,000.00 to $335,000.00 Plus 34% of net income before taxes over $335,000.00