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Adjusting Entries help needed Hydro Paddle Board Jan. 31 Property tax accrued for the month: Factory............................................ $970 General............................................274.52 Jan. 31 Close out underapplied Factory Overhead

Adjusting Entries help needed Hydro Paddle Board

Jan. 31 Property tax accrued for the month:

Factory............................................ $970

General............................................274.52

Jan. 31 Close out underapplied Factory Overhead of $2,741.38 to Cost of Goods Solds

Jan. 31 Based on past experiences, Hydro Paddle Boards, Inc. estimates that $15,800.00 is a reasonable balance for the January 31 balance in the Allowance for Doubtful Accounts.

Jan 31. Income tax is based on 40% of income before tax. Accrue income tax owed by debitting Income Tax Expense and crediting Income Tax Payable for $13,110.11

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