What is the correct journal entry to adjust for income tax expense?
A) Retained Earnings Income tax payable
B) Income tax expense Retained Earnings
C) Operating expense Income tax payable
D) Income tax expense Income tax payable

Question

Quizplus · Accepted Answer

The correct journal entry to adjust for income tax expense is to debit Income Tax Expense and credit Income Tax Payable. This reflects the recognition of the expense and the liability to pay the tax.

What Is the Correct Journal Entry to Adjust for Income