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April 18, 2014

Homework Help: accounting

Posted by working hard on Tuesday, July 10, 2012 at 11:16am.

Olympic Sports Wear estimates its Annual Federal Income tax as $10,000. It has paid the tax in four installments of $2,500 each. However, at the end of the year, the actual tax amount is $11,200.
Therefore, the company needs to pay $1,200 to the government.

Instruction: Prepare the adjusting journal entry

Please help i am in trouble.
Thank You

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