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E5-30. (Accounting for personal income taxes) Prepare journal entries to record these transactions and events. 1. During 2019 Oscar County collected personal income taxes in
E5-30. (Accounting for personal income taxes) Prepare journal entries to record these transactions and events. 1. During 2019 Oscar County collected personal income taxes in the amount of $3,200,000 as a result of withholdings by employers and payments of estimated taxes by taxpayers for 2019. 2. At year-end Oscar County's Finance Director estimated that, by April 15, 2020 (when taxpayers are required to file their final tax returns for 2019), taxpayers will make payments of $175,000 with their tax returns and request refunds of $320,000. 3. The Finance Director also estimated that late filers will pay $45,000 of taxes applicable to 2019 when they ultimately file their tax returns. Oscar County's written policy regarding personal income taxes is to consider only payments received with final returns by April 15 as "available
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