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Journal Entries-Desperite
I need to record some journal entries using the accrual system of accounting, and I unfortunately don't have much time to complete this...
On 12/15/09 a company pd $3068.69 to the internal revenue service for Novembers tax payment. |
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Well, I'm going to throw out to start that your schedule is your responsibility, not ours. When I was in school, if I didn't get my homework done on time, it was my problem. I will start you out with a hint, but we are not here just to answer your homework for you. All "payments" come out of the same account. What is that? That is, it does not matter that it was for taxes. Payments all come from the same place, whether you paid for rent or supplies or whatever. What account are you always using for this, and what are you always doing to it? As for the other side of that... hmm, if we assume they are doing accruing every month, then where do you think that went in November? Accrued means you're charging the expense when it's incurred, which was back in November. But you didn't pay it in November. Where are things at that you haven't paid yet? |
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