50.1K

Verified Solution

Link Copied!

Thanks for all the efforts!

CoursHeroTranscribedText: Check my work Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement. up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 375 are as follows: paints Pretax Accounting Service Revenue Collections Income EBOOK $660,000 $620,000 $186,000 2421 750, 600 778,000 260,600 Piint 2022 710,808 702 ,Boe 228, 0Ge 2023 716,008 720,800 200,002 References There are no differences between accounting Income and taxable Income other than the temporary difference described above. The enacted tax rate for each year is 256. (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 Income tax expense Deferred tax asset Income far payable

Answer & Explanation Solved by verified expert

See Answer