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

question 64

Short Answer

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