Identify the journal entry required to correctly record each of the following transactions.
-The amount of income tax previously estimated now paid.
A. DR Taxes payable $\quad $ CR Income tax expense

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

C. DR Taxes payable $\quad $ CR Retained profits

D. DR Taxes payable $\quad $ CR Cash at bank

Question

Identify the journal entry required to correctly record each of the following transactions.
-The amount of income tax previously estimated now paid.
A. DR Taxes payable  $\quad $ CR Income tax expense

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

C. DR Taxes payable  $\quad $ CR Retained profits

D. DR Taxes payable  $\quad $ CR Cash at bank

Quizplus · Accepted Answer

The Answer of Identify the journal entry required to correctly record each of the following transactions.
-The amount of income tax previously estimated now paid.
A. DR Taxes payable  $\quad $ CR Income tax expense

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

C. DR Taxes payable  $\quad $ CR Retained profits

D. DR Taxes payable  $\quad $ CR Cash at bank

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