Regis Company estimates that its 20-1 income tax will be $120,000. Based on this estimate, it will make four quarterly payments of $30,000 each on April 15, June 15, September 15, and December 15.

Required:

	1. Prepare the journal entry for April 15.
	2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Regiss actual income tax amounts to $134,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed.

CHART OF ACCOUNTS

Regis Company

General Ledger

	ASSETS
101	Cash
122	Accounts Receivable
141	Supplies
181	Office Equipment

	LIABILITIES
202	Accounts Payable
204	Income Tax Payable
205	Common Dividends Payable
206	Preferred Dividends Payable
219	Wages Payable

	EQUITY
321	Common Stock
323	Preferred Stock
325	Stock Dividends Distributable
333	Cash Dividends
334	Stock Dividends
399	Income Summary

	REVENUE
401	Sales

1. Prepare the journal entry for April 15.

General Journal Instructions

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2

2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Regiss actual income tax amounts to $134,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed.

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2