Business, 04.04.2020 00:48 jholland03

The amount reported in the Trail Balance section of the worksheet for Federal Income Tax Expense was $11,990. At the end of the accounting period, the accountant determined that income taxes for the year would actually be $12,306. How would the adjustment be journalized?

A) Debit Federal Corporate Income Tax Payable $316
Credit Federal Corporate Income Tax Expense $316

B) Debit Federal Corporate Income Tac Expense $316
Credit Federal Corporate Income Tax Payable $316

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The amount reported in the Trail Balance section of the worksheet for Federal Income Tax Expense was...

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