Journalize the following entries on the books of Winston Co. for August 1, September 1, and November 30. (Assume a 360-day year is used for interest calculations.)
Definitions:
Federal Income Tax
A tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Ability-To-Pay Principle
A taxation principle that suggests taxes should be levied according to an individual's or entity's ability to pay, favoring a more equitable distribution of the tax burden.
U.S. Income Tax
A tax imposed by the U.S. government on the income generated by businesses and individuals within its jurisdiction.
FICA Tax
A federal payroll tax in the United States that funds Social Security and Medicare programs.
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