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Jasper has been making income tax installments as required by the Canada Revenue Agency. All installment payments are debited to the income taxes payable account.
Jasper has been making income tax installments as required by the Canada Revenue Agency. All installment payments are debited to the income taxes payable account. After recording all of the necessary adjustments and posting to the general ledger, the accountant prepared the tax returns and determined that a tax rate of 25% needed to be applied to the income before income tax amount. The necessary adjusting entry for taxes has not yet been recorded.
What is the journal entry (if any) for this? Thank you.
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