Identify the journal entry required to correctly record each of the following transactions.
-Income tax for the year estimated.
A. DR Income tax expense $\quad $ CR Retained profits

B. DR Taxes payable $\quad $ CR Income tax expense

C. DR Income tax expense $\quad $ CR Taxes payable

D. DR Income tax expense $\quad $ CR Taxes payable

Question

Identify the journal entry required to correctly record each of the following transactions.
-Income tax for the year estimated.
A. DR Income tax expense  $\quad $ CR Retained profits

B. DR Taxes payable  $\quad $ CR Income tax expense

C. DR Income tax expense  $\quad $ CR Taxes payable

D. DR Income tax expense  $\quad $ CR Taxes payable

Quizplus · Accepted Answer

The Answer of Identify the journal entry required to correctly record each of the following transactions.
-Income tax for the year estimated.
A. DR Income tax expense  $\quad $ CR Retained profits

B. DR Taxes payable  $\quad $ CR Income tax expense

C. DR Income tax expense  $\quad $ CR Taxes payable

D. DR Income tax expense  $\quad $ CR Taxes payable

Identify the Journal Entry Required to Correctly Record Each of the Following