Alsup Consulting someumes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: 2020 2021 2022 2023 Service Revenue 5660,000 750,000 710.000 236.000 Collection $620.000 278.000 202.000 520.00 Preta Accounting Inc $186,000 260.ee 228,00 200,000 There are no differences between accounting Income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25% Hint You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes. 2022 income taxes and 2023 Income taxes, (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction to Journal entry worksheet 1 2 3 Record 2021 income taxes Nandit Event General Journal Debit Credit Racord entry Clear entry Vower journal Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue collections, and pretax accounting income for 2020-2023 are as follows: 2020 2021 2022 2021 Service Revenue $660,000 750.000 710.000 716.000 Collections $620.000 779,000 72,ce 720,00 Pretax Accounting Income $180,000 260.ee 228.000 200,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25% (Hint You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023.) Required 1. to 3. Prepare the appropriate Journal entrtes to record Alsup's 2021 Income taxes, 2022 income taxes and 2023 income taxes, (if no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction in Journal entry worksheet 1 2 3 Record 2022 income taxes Noteiden General Journal Debit Credit Event 2 Record entry Clan entry Viewer Alsup Consulting sometimes performs services for which I receives payment at the conclusion of the engagement, up to six months after services commence. Alcup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected service revenue. collections, and pretax accounting income for 2020-2023 are as follows 2020 2021 2022 2023 Service Revenue $60,000 250, een 710.00 716.000 Collections 3628,00 728.000 7e2,00 720,000 Pretax Accounting Inice 3186.000 260.000 228,00 205,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25% SHint You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023 Required. 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 Income taxes 2022 income taxes and 2023 Income taxes. (if no entry is required for a transactionsevent, select "No journai entry required in the first account field. Enter your answers in whole dollars.) View transaction on Journal entry worksheet
