Question
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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