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Prepare end of period adjustment journal entries to account for income tax on the initial appearance or reversal of any temporary differences and
Prepare end of period adjustment journal entries to account for income tax on the initial appearance or reversal of any temporary differences and provide workings and explanation for the following scenarios:
1) The company has an allowance for doubtful debts of $10000 at the end of the current period. The balance of the allowance account at the beginning of the period was $6000. In the current period, $8000 was written off as being uncollectible. The balance of the Accounts Receivable account at the beginning and end of the reporting period are $50000 and $60000 respectively.
