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Prepare the appropriate journal entries to record alsup

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Reference no: EM132487209

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 are as follows:

                 Service Revenue . Collections . Pretax Accounting Income

2020           $740,000             $700,000              $266,000

2021            830,000             858,000                 340,000

2022            790,000              782,000                308,000

2023             796,000              800,000              280,000

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 25%.

Required:

Question 1: 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 thousands (e.g. 150,000 should be entered as 150).)

Reference no: EM132487209

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