1. What are some strategies that you can use to prepare to file taxes each year? What would be the benefits of these strategies?
2. What are the benefits of taxes for societies and individuals?
3. How do taxes influence responsible financial planning? Discuss some examples of how
taxes may influence a financial plan.
4. What are four types of taxes that you pay (or are likely to pay in the future)? Describe
these types of taxes.
5. Find a tax return form and practice filling it out, using either your own information or that
of a hypothetical person. What are some of the challenges in filling out a tax return? You
can find some forms online here.

Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning

Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)

When an interest-bearing note comes due and is uncollectible, the journal entry includes debitingaccounts receivable and crediting notes receivable and interest revenue.accounts receivable and crediting interest revenue.notes receivable and crediting accounts receivable and interest revenue.notes receivable and crediting accounts receivable.