19.At 30 June 2023, Barry Ltd estimates it will be required to pay income tax expenses of $62 000 during the following financial year. The correct journal entry to provide for this income tax estimate at 30 June 2023 is: Group of answer choices 1.DR Income tax expense $62 000; CR Current tax liability $62 000 2.DR Current tax liability $62 000; CR Income tax expense $62 000 3.DR Income tax expense $62 000; CR Retained earnings $62 000 4.DR Income tax expense $62 000; CR Bank $62 000

19.At 30 June 2023, Barry Ltd estimates it will be required to pay income tax expenses of $62 000 during the following financial year. The correct journal entry to provide for this income tax estimate at 30 June 2023 is: Group of answer choices 1.DR Income tax expense $62 000; CR Current tax liability $62 000 2.DR Current tax liability $62 000; CR Income tax expense $62 000 3.DR Income tax expense $62 000; CR Retained earnings $62 000 4.DR Income tax expense $62 000; CR Bank $62 000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 18E

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