Debit Tax Expense
Credit Taxes payable/Cash/Bank account
I wanted to clarify this answer, the above is correct, however, it appears that the person is saying to credit all the above accounts.
If taxes are paid and you wish to record the journal entry you will:
Debit Tax Expense
Credit Cash (bank account is included in your cash account)
If taxes are going to be paid at a future date you will:
Debit Tax Expense
Credit Taxes Payable
After you pay the taxes if recorded first as a payable you will then enter:
Debit Taxes Payable
Credit Cash
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[Debit] GST paid / GST Expense
[Credit] Cash / bank
In Company menu drop down there is Journal entry in list, through that you can record journal entries in quick books.
Debit cash / bank
Credit income tax refund
debit tax expense
credit cash
Journal entry is required for depreciation in quickbooks as well as FAS for peachtree also can be used to automatically record depreciation entries
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
A journal records what you're findings are
You record he credit entry for transaction (a) 5/1 in the journal as
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
It is termed as Journal entry.
The General Journal
If a company gives a director a loam of 15000 you will record it on the debit section of the general journal entry.
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
Journal Entry:Interest on loan a/c xxxxLoan a/c xxxx