Chapter 2
In terms of a journal entry, remembering assets decrease with credits and debits must equal credits, the following entry would result. Date Description Ref. Debits Credits Jan. 15 Income Taxes Payable 219 9,800,000 Cash 111 9,800,000 Income taxes payment ** You now have the background to do exercises 10.8, 10.9, and 10.10. ................
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