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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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