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

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

The Adjusting Entry to Record Estimated Income Taxes in a Profitable