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I just need help with the final adjusting entry for income tax, expense, and income tax payable. See blank boxes, in final picture. During 2022,
I just need help with the final adjusting entry for income tax, expense, and income tax payable. See blank boxes, in final picture. During 2022, the following transactions occurred. 1. On January 1, 2022, Sheridan issued 1,200 shares of $40 par, 7% preferred stock for $49,200. 2. On January 1, 2022, Sheridan also issued %00 shares of the $10 par value common stock for $21.400 3. Sheridan performed services for $351,000 on account. 4. On April 1, 2022, Sheridan collected fees of $33,200 in advance for services to be performed from April 1, 2022, to 31.2023. 5. Sheridan collected $279,900 from customers on account. 6. Sheridan bought $38,100 of supplies on account. 7. Sheridan paid $31,600 on accounts payable 8. Sheridan reacquired 500 shares of its common stock on June 1. 2022, for $26 per share. 9. Paid other operating expenses of $170,000. 10. On December 31, 2022, Sheridan declared the annual preferred stock dividend and a $1.20 per share dividend on the: outstanding common stock, all payable on January 15, 2023. 11. Anaccount receivable of $1,800 which originated in 2021 is writteri atf as uncollectible. Adjustment data: 1 A count of supplies indicates that $5,500 of supplies remain unused at yearend 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3,800 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30 -year life and a salvage value of $10,800. 5. The income taxrate is 30 x. (hint: Prepare the income statement up to income before income taxes and multiply by 30x to compute the amount) Prepare the adjusting entries. (Credit occount difies are outomatically indented when amount is entered. Do not indent monualisy If ne entry ls required, select "No Entry" for the occount tieles and enter ofor the amounts Recons fournal entiles in the order presented in the problems
I just need help with the final adjusting entry for income tax, expense, and income tax payable. See blank boxes, in final picture.
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