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P21-11B CORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based...

P21-11B
CORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15.
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, Regis’s actual income tax amounts to $112,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed

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1.

                           Jouenal Entry

DAte Particulars Debit Credit
April 15 Provision for tax 25000 25000
Bank
(To record payment of advance tax)
Dec. 31 Income tax Expenses 112000
Provision for tax 100000
income tax payable 12000
(To record the additional income tax owed)
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