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booky7
Feb 26, 2009, 03:43 PM
If the Journal entry was Purchased equipment for $13,200 plus sales tax of $600 What would the journal entry be.

Raghava Sharma
Feb 27, 2009, 01:02 PM
What would be the possible Journal entries for Building asset impairment?

angeln08
Mar 2, 2009, 04:48 AM
How do I record Sales Tax Expense for the year 2008. Bar/Restaurant owner. I have the Sales tax on the liability side, but never posted it on the expense side. What would be the correct journal entry. Say if I owed 3,000.00 in sales tax for the entire year

pready
Mar 2, 2009, 06:02 PM
Sales tax is not expensed. When you make the sale the entry is:
Debit Cash or A/R for the amount of sales tax
Credit Sales Taxes Payable for the amount of sales tax.

When you make the payment the journal entry is:
Debit Sales Taxes Payable for the amount of sales taxes paid.
Credit Cash for the amount of sales taxes paid.