Assume that credit sales "to be received in 90 days" are received in exactly 90 days...

Assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days. Expected to pay income tax of 35%? And its journal entries CR and DR

01-January-2016	Open business bank account with transfer of personal funds	$210,000
02-January-2016	EFT for rental of office space. Immediate occupancy. 60 months at $3500 per month.	$210,000
11-January-2016	Office equipment purchased for cash to get discount from the retail price of $56,000.	$50,000
11-January-2016	The office equipment will be replaced in 5 years at an expected cost of $67,000.	$67,000
13-January-2016	Bank loan approved and credited to account. Payable in 2021	$310,000
28-June-2016	Credit sales. EFT payment to be received in 90 days.	$65,500
04-July-2016	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	$5,200
29-July-2016	Cash sales.	$33,500
12-December-2016	Credit sales. EFT payment to be received in 90 days.	$42,500
28-December-2016	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	$5,720

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ekkarill92 answered 2 weeks ago

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Assume that credit sales "to be received in 90 days" are received in exactly 90 days...

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