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  3. two accounting entries are required for income tax

Two accounting entries are required for income tax one to provide for the tax and...

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Accounting

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Two accounting entries are required for income tax one to provide for the tax and one to pay the tax. On 28 October 2024, Stevens Ltd pays the tax authorities the $54 000 provided as a liability on 30 June 2024. The correct journal entry to record this payment is: DR Current tax liability $54 000: CR Bank $54 000 DR Income tax expense $54 000: CR Bank $54 000 DR Income tax expense $54 000: CR Current tax liability $54 000 DR Bank $54 000; CR Income tax expense $54 000

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