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Hi I am preparing a tax return for a client that uses a POS system in their franchise. When a sale is made the entry is
dr checking 200.00
cr sales tax payable 200.00
The client then makes an entry for a bill
dr sales tax payable
cr accounts payable
The bill is paid
dr accounts payable
Where does the entry for sales tax expense come in?
Thanks to anyone that can help with this.
A company collects, holds, and pays the sales tax for the state. It is Not an expense at all.
Well thank you very much. I'll take this as another reminder that I tend to overthink things!
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