These are ALL accounts for a company: Cash, Inventory, Accounts Receivable, Accounts Payable, Income Tax Payable, Loans, Capital Stock and Retained Earnings....
How would you create a journal entry with dr = cr with this transaction:
The company paid $ 5000 for 2004 and provisional 2005 income taxes. The Income tax on the 2006 net income is estimated to be $2000. (Income tax payable at Dec. 31 2004 = $1500)