Question
Question: I need help solving the following transactions for the general journal entry: 42, 43, 44, and 45. 42 needs the general journal entry to
Question: I need help solving the following transactions for the general journal entry: 42, 43, 44, and 45. 42 needs the general journal entry to be adjusted. 43 44 and 45 the entries need to be closed.
Transactions that I need help solving:
I need help with adjusting the journal entry for:
42 (adjusting the journal entry)- Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE:Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line.The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]
I need help with closing the entry for:
43:
Close the revenue accounts.
44:
Close the expense accounts.
45:
Close the income summary account.
My general Journal for reference:
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