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Journal entry of entry tax paid?
[Debit] Tax paid [Credit] Cash / bank
What is tax colleducted at source journal entry?
debit cash / bankcredit tax payable
What is the Journal entry for income tax paid?
income tax payable Dr ,Bank Cr.
How do you post sales tax payable as journal entry?
debit sales tax expensecredit sales tax payable
What will be the journal entry for paying tax to the government?
debit] tax expense xxxx credit Cash / bank xxxx
How do you record income tax penalty in journal entry?
To record an income tax penalty in a journal entry, you would debit an expense account, such as "Income Tax Penalty Expense," to recognize the cost incurred. Simultaneously, you would credit a liability account, such as "Income Tax Payable," to reflect the amount owed to the tax authority. This entry captures the financial impact of the penalty on the company's accounts.
What information should be included in a journal entry for a tax refund?
A journal entry for a tax refund should include the amount of the refund received, the date it was received, and the account it is being deposited into. It should also note any relevant tax codes or references for tracking purposes.
What is the journal entry to record the FUTA tax expense?
Debit FUTA Tax Expenses xxxx Credit FUTA Tax Payable xxxx
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
What is the journal entry for payroll tax?
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
What is the journal entry for accrued use tax?
debit taxes expense and credit taxes payable
What is the journal entry for interest received on a state tax refund?
Debit cashCredit interest income
