Sales Tax and Sales Tax Payable – Accounting In Focus
There are many taxing localities involved, each with its own tax rate and list of taxable products and services. If you have a tax presence (called a tax nexus) in different states, you may have to collect different taxes on different items....
Chargebacks for Credit Card Deposits
It is a sales adjustments account that represents merchandise returns from customers, and deductions to the original selling price when the customer accepts defective products. As a small business owner, you decide how to handle purchase returns in y...
What Does Discounts Received & Allowed Mean?
You must record cash discounts in a separate account in your records and report the amount on your income statement. The assets account includes everything that your company owns. Examples of tangible assets include desktop computers, laptops, cars, ...