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Bogdan Slepov
Wiki User
∙ 9y agoDebit tax expense
Debit accounts receivable
Credit sales revenue
credit tax payable
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Journal entry for credit sale with discount and tax?
debit accounts receivablecredit sales tax payablecredit sales discountcredit sales revenue
Journal entry for sales and sales return?
Journal entry for booking a sale:Accounts Receivable/Party [Debit] $value$Sales [Credit] $value$Tax on sales (GST. excise, etc.) [Credit] $value$Primarily, it is a reversal of the entry passed at the time of booking the sale:Sales [Debit] $value$Tax on sales [Debit] $value$(GST. excise, etc.)Accounts Receivable/Party [Credit] $value$
How do you post sales tax payable as journal entry?
debit sales tax expensecredit sales tax payable
Is sales tax included in Gross sales?
Sales tax is not included in gross sales. For example when an item is sold for a total of $105 including $5 in sales tax the proper journal entry is a debit of $105 to cash, credit of $100 to sales, and a $5 credit to the sales tax payable account. The liability for sales tax should appear on the balance sheet.
When merchandise is sold for 500 dollars plus 5 percent sales tax the Sales account should be credited for 525 dollars?
Journal entry is as follows: [Debit] Cash 525 [Credit] Sales 500 [Credit] Sales tax payable 25
Journal entry of entry tax paid?
[Debit] Tax paid [Credit] Cash / bank
Journal entry of sales to accounts receivable with sales tax?
debit accounts receivabledebit sales taxcredit sales revenue
What is the journal entry for payroll tax?
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
What will be the journal entry for paying tax to the government?
debit] tax expense xxxx credit Cash / bank xxxx
Create a Sales journal entries with sales tax?
When you sell a product or when you buy something? Here's the answer for both situations: For a sale: Debit.......... cash or A/R Credit......... Revenue Credit......... Sales Tax payable. Then, when you pay the tax to the state: Debit........... Sales tax payable Credit.......... cash If it's a purchase, you don't have to record sales tax separately unless you want to. If you're capitalizing an asset, it's included in the capitalized amount. But if it's a straight expense, and you want to post the sales tax, this would be the entry: Debit........ expense account (say, for example, office expense) Debit........ sales tax Credit....... cash or A/P
What is the journal entry for accrued use tax?
debit taxes expense and credit taxes payable
What is the journal entry to record the FUTA tax expense?
Debit FUTA Tax Expenses xxxx Credit FUTA Tax Payable xxxx
