APB #11
Journal entry for tax accrual under APB #11:
Income tax expense 10,268
Income tax payable 9,605
Deferred tax credit (payable) 663
- Virtues of APB #11 to record deferred taxes:
- Easy to do!
- As mentioned before, makes sense to derive the expense from income statement numbers and the payable from what is owed the government on the return.