Question

during the first quarter of the year, trina co. accrued $6,000 of income taxes. on april 15, trina will send in the first quarterly payment. the entry to record this payment will include a debit to the

Answer 1

The entry to record the first quarterly payment of income taxes will include a debit to the Income Tax Payable account and a credit to Cash.

Step-by-step explanation:

The entry to record the first quarterly payment of income taxes will include a debit to the Income Tax Payable account. This account is a liability account that represents the amount of income taxes owed by Trina Co. It is increased when income taxes are accrued and decreased when payments are made.

Therefore, when Trina Co. makes the first quarterly payment, the entry will be:

1. Debit: Income Tax Payable ($6,000)
2. Credit: Cash ($6,000)

The debit to the Income Tax Payable account reduces the liability on the company's balance sheet, while the credit to Cash reflects the outflow of cash to pay the taxes.