Lakeside Dredging recorded $12,000 in estimated taxes on the last day of each month and...
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Accounting
Lakeside Dredging recorded $12,000 in estimated taxes on the last day of each month and made the payment on the 15th of the following month. On September 30, 2020, Lakeside's year end, it was determined that total income tax expense for the year was $135,000. Record the final instalment on September 30 and its payment on October 15, 2020. Begin by recording the final tax adjusting entry on September 30. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2020 Accounts Debit Credit Sep 30 Now, record the payment on October 15, 2020 Journal Entry Debit Credit Accounts Date 2020 Oct. 15
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