The adjusting entry to record estimated income taxes in a profitable period consists of a credit to Income Tax Expense and a debit to Income Tax Payable.

Name: The adjusting entry to record estimated income taxes in a profitable period consists of a credit to Income Tax Expense and a debit to Income Tax Payable.
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The adjusting entry to record estimated income taxes involves a debit to Income Tax Expense and a credit to Income Tax Payable, reflecting the expense incurred and the liability to be paid.

The Adjusting Entry to Record Estimated Income Taxes in a Profitable