Once an invoice is sent to your customers, you also need to record the invoicejournal entry. While recording the invoice journal entry, you need to debit the accounts receivable account for the amount due from your customer and credit the sales account for the same amount. You also need to ...
When a business receives an invoice for goods or services they have received, but not yet paid, that balance is recorded in accounts payable. Accounts payable can also include a business credit card that is used and then paid off to facilitate transactions....
Prepare the general journal entry to record this transaction. A company paid $1,800 cash for advertising. Prepare the general journal entry to record this transaction. A company received $35,000 cash from sales to customers. Prepare the general journal entry to record...
Sales Revenue5,000 Sales Tax Payable250 After remitting the sales tax of $250, create a new journal entry to decrease your Sales Tax Payable and Cash accounts: DateAccountNotesDebitCredit X/XX/XXXXSales Tax PayableRemitted sales tax250
Tax AmountThis is the amount assessed and payable to tax authorities. It is the total of the VAT, use, and sales taxes (PST). Form-specific information Leave this field blank to have the system calculate the tax. Also, leave this field blank on the offsetting entry, where the Amount fie...
A、a credit to the Manufacturing Overhead account. B、a credit to the Work in Process inventory account. C、a debit to Cost of Goods Sold. D、a debit to the Manufacturing Overhead account.暂无答案更多“In a job-order costing system, the journal entry to record the application of over...
Sales Tax Payable12 Revenue240 How to make a sales accounting entry: Goods If your business deals with inventory, your sales journal entries are going to get a little more complex. But don’t panic: you’ll just need to add in two additional accounts to reflect your changes in inventory....
Answer to: A company provided $3,200 of accounting services to a customer on account. Prepare the general journal entry to record this transaction...
For more information, see Set up sales tax reporting codes. Go to Tax > Indirect taxes > Sales tax > Sales tax codes. Select TVA19.6, and on the Report setup FastTab, in the Sale section, select the following: In the Taxable sales field, select 03. In the Sales tax payable field,...
Accounts payable inventory act This tax register is based on the inventory of accounts as of the reporting date. It reflects the existence of amounts of accounts payable that are liable to be written off. For example, the amounts might be written off because the statute of limitations has ex...