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| *Ostroff, Fair and Company>>>Other Taxes |
What will be the entries for income tax due and payable? |
I just want to know which account to debit and credit for the income tax due and payable. Income tax Payable is a liability... you increase a liability with a credit. The opposite entry is the income tax expense. You increase expenses with debits. Income Tax Expense Income Tax Payable If you're talking about income tax due meaning it's a receivable.. its about the exact opposite with another account name. Income tax Receivable Retained earnings... (you can't really credit expenses...) |
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