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Dallo Optics, a U.S. GAAP reporter, began business in 2022 and billed, but did not yet collect, $590,000 in revenue. In addition to its 2022
Dallo Optics, a U.S. GAAP reporter, began business in 2022 and billed, but did not yet collect, $590,000 in revenue. In addition to its 2022 sales revenue, Dallo Optics received $51,000 of municipal bond interest revenue. Dallo Optics did not incur any expenses during the year. The company is subject to a 30% income tax rate. What journal entries are required to record the revenues and the related income tax for the year? Begin by preparing the journal entry to record the sales revenue for the year 2022. Do not record the entry for the interest revenue. We will do that in the next step. (Record debits first, then credits. Exclude explanations from any journal entries.) Account 2022 Dallo Optics, a US GAAP reporter, began business in 2022 and billed, but did not yet collect, $590.000 in revenue In addition to its 2022 sales novenue Dallo Optics received $51,000 of w Optics did not incur any expenses during the year. The company is subject to a 30% income tax rate. What journal entries are required to record the cove sues and the related income tax fow Now, prepare the journal entry to record the interest revenue. Account 2022 Finally, record the journal entry related to income tax expense on December 31, 2022 Account December 31, 2022 km
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