ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note payable to HBL. The entire amount of the loan, plus

ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note payable to HBL. The entire amount of the loan, plus interest, is due February 1, 2012. Prepare the necessary adjusting entry for interest expense on December 31, 2011. Record the repayment of the loan plus interest on February 1, 2012. Answer: b-    ABC’s unadjusted trial balance dated December 31, 2011, reports Income Taxes Expense of 57,200, and Income Taxes Payable of 14,300. The company’s accountant estimates that income taxes expense for the entire year ended December 31, 2011, is 62,800. Prepare the necessary adjusting entry for income taxes expense on December 31, 2011. Determine the amount of income taxes payable reported in the balance sheet dated December 31, 2011

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