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Category: Tax
Satisfied Customers: 12675
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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What entry to make if sales tax payable amount is

Customer Question

what entry to make if sales tax payable amount is overstated.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.



You can enter a journal entry that Debits Sales Tax Payable for the amount it needs to be reduced. ... Then enter the taxing authority name in the name field. The credit on the JE should be the account you used on the check that was used when paying the taxes.


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Expert:  Lane replied 1 year ago.


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