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How we make journal entries of input sales tax and output sales tax?
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Sales tax has 3 terms No. 1- input tax 2. Output tax & 3 net Tax If the company has purchased materials from within the State that tax given is considered as input tax and if Company has sold materials within the state or outside the State and charged the tax rate then it considered as output...
Sales Tax vs. Gross Sales Numbers
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Sales tax payable and the sales tax deduction in journal entry?
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Sales tax payable and the sales tax deduction in journal entry? How to do the transaction? Thank you.
Recorded cash and credit card sales, $5430, plus sales tax, $325.80: total, $5755.80
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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?
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