At December 31, 2022 Gordon Inc's actual income tax for the year is $ 15,000. During the year Gordon Inc. has paid income tax instalments totalling $12,000 ($1,000 x 12 months). The remaining income tax balance is due on April 2023. Select the correct adjusting entry. O Debit to Income Tax Expense and Credit to Accounts Payable. O Credit to Income Tax expense and debit to Income Tax Payable. Debit Income Tax Payable and Credit to Income Tax Expense. O Debit to Income Tax Expense and credit to Income Tax Payable
At December 31, 2022 Gordon Inc's actual income tax for the year is $ 15,000. During the year Gordon Inc. has paid income tax instalments totalling $12,000 ($1,000 x 12 months). The remaining income tax balance is due on April 2023. Select the correct adjusting entry. O Debit to Income Tax Expense and Credit to Accounts Payable. O Credit to Income Tax expense and debit to Income Tax Payable. Debit Income Tax Payable and Credit to Income Tax Expense. O Debit to Income Tax Expense and credit to Income Tax Payable
At December 31, 2022 Gordon Inc's actual income tax for the year is $ 15,000. During the year Gordon Inc. has paid income tax instalments totalling $12,000 ($1,000 x 12 months). The remaining income tax balance is due on April 2023. Select the correct adjusting entry. O Debit to Income Tax Expense and Credit to Accounts Payable. O Credit to Income Tax expense and debit to Income Tax Payable. Debit Income Tax Payable and Credit to Income Tax Expense. O Debit to Income Tax Expense and credit to Income Tax Payable
At December 31, 2022 Gordon ainc.'s actual income tax fornthe year is 15,000. During the year Gordon Inc. has paid income tax instalments totalling 12,000 (1,000x12 months). The remaining income tax balance is due on April 2023. Select the correct adjusting entry.
Transcribed Image Text:At December 31, 2022 Gordon Inc's actual income tax for the year is $ 15,000. During the year Gordon Inc. has paid income tax
instalments totalling $12,000 ($1,000 x 12 months). The remaining income tax balance is due on April 2023. Select the correct
adjusting entry.
O Debit to Income Tax Expense and Credit to Accounts Payable.
O Credit to Income Tax expense and debit to Income Tax Payable.
O Debit Income Tax Payable and Credit to Income Tax Expense.
O Debit to Income Tax Expense and credit to Income Tax Payable.
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Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.
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