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  • Feb 26, 2009, 03:43 PM
    booky7
    Journal Entries
    If the Journal entry was Purchased equipment for $13,200 plus sales tax of $600 What would the journal entry be.
  • Feb 27, 2009, 01:02 PM
    Raghava Sharma

    What would be the possible Journal entries for Building asset impairment?
  • Mar 2, 2009, 04:48 AM
    angeln08

    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
  • Mar 2, 2009, 06:02 PM
    pready

    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.

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