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Does gross sales include sales tax?
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Because sales tax from a restaurant passes through to the state do I include it on my income statement and then write it off as an expense? Or do I leave it off both sides (income and expense). Which is the more correct way to handle it?
Accounting for credit card sales
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Levine Company uses the perpatual systems and allows costomers to use two credit cards in charging purchases. With the omni Bank Card, Levine receives an immidiate credit to its accont when it deposits sales recepts. Omni assesses a 4% service charge for credit card sales . The second credit... View more questions Search
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