Hi, we have a small engine repair business. On the receipts there is the labor which I know is not taxable. Also there are parts we use to fix the engines that we city tax the customers for. I've been making my journal entries like this: Cash -debit, service revenue - credit, sales (these are the...

What a balance sheet look like when it is recorded in a T account?

Where do I record sales/purchases returns and allowances on an inventory stock card- under purchases or cost of sale?

Anybody can help me to where I can find a good example or format of company profile for machineries sales and service business

Appropriate sales taxes charged on billings post to Sales Tax Payable account as credit. When go to pay the taxes to the state (these are sales and use tax), the state offers a 2% discount for timely payment and filing. What should the journal entries be? I believe that the 2% discount would be...