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debit sales tax expense
credit sales tax payable
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∙ 9y ago
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How do you post the closing journal entry for sales returns?
debit sales accountcredit sales return account
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
Journal entry for post dated cheque?
Debit expenses / accounts payableCredit bank
How do you post a journal entry for the sale of a vehicle?
Debit cash / bankCredit vehicle account
What is the journal entry when post dated cheque issued to supplier?
debit accounts payablecredit bank
What is a post-dated journal entry?
Debit accounts payable / expensesCredit bank
How do you post the closing journal entry for sales returns?
debit sales accountcredit sales return account
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
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
Where to post sales discount?
Sales discount is a contra account against sales. In the journal, the entry is like this:Accounts receivable (dr) 9,000Sales discount (dr) 1,000Sales (cr) 10,000After recording this transaction in the journal, at the end of the accounting period, all the entries from the journal will be posted to respective statements. This sale transaction has something to do with the profitability of the entity so, this will be included as part of the Income Statement. Sales less returns and discounts will come up to Net sales.
What is the journal entry for post dated cheque is received?
debit bankcredit accounts receivable
Journal entry for post dated cheque?
Debit expenses / accounts payableCredit bank
How do you post a journal entry for the sale of a vehicle?
Debit cash / bankCredit vehicle account
How do you reverse a journal entry?
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
Where in quick books to post the owners contribution?
Owners contribution can be posted by using journal entry transaction as there is no direct way to show owners contribution as only journal entry can be used to show that.
What is the journal entry when post dated cheque issued to supplier?
debit accounts payablecredit bank
What entries are posted to the cash payment journal and not the general journal?
Are the payment for cash(people who came and buy for cash ) Any entry can be posted into the general journal. It is really messy and long to post the stuff in the sales, sales returns and allowances, purchases and purchases returns and allowances jounal into the general jounal so those journals are created to make things easier. So basically, any entries that are posted to the cash payments journal can be posted to the general journal.
