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    booky7's Avatar
    booky7 Posts: 1, Reputation: 1
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    #1

    Feb 26, 2009, 03:43 PM
    Journal Entries
    If the Journal entry was Purchased equipment for $13,200 plus sales tax of $600 What would the journal entry be.
    Raghava Sharma's Avatar
    Raghava Sharma Posts: 1, Reputation: 1
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    #2

    Feb 27, 2009, 01:02 PM

    What would be the possible Journal entries for Building asset impairment?
    angeln08's Avatar
    angeln08 Posts: 1, Reputation: 1
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    #3

    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's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    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.
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