A corporation's journal entry to accrue income tax owed at year end includes a debit to income tax payable.

Name: A corporation's journal entry to accrue income tax owed at year end includes a debit to income tax payable.
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Question

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The correct journal entry to accrue income tax owed at year end includes a debit to Income Tax Expense (reflecting the expense on the income statement) and a credit to Income Tax Payable (reflecting the liability on the balance sheet).

A Corporation's Journal Entry to Accrue Income Tax Owed at Year