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

Question 50

Short Answer

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

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