Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30...
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Accounting
Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30 June:
September Quarter 11,000
December Quarter 11,000
March Quarter 11,000
June Quarter 11,000
Total 44,000
Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%.
Required:
Arrange general journal entries to record the company's income tax instalments and final payment.
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