Bookkeeping

It is the total amount of money received from products or services sold during a given period. When it comes to running a business or even making personal sales, figuring out the sales tax can be a daunting task. Many sellers often ask themselves whether they should calculate sales tax on gross sales or net …

How to Calculate Sales Tax Definition, Formula, & Example Read More »

These entries transfer balances from temporary accounts—such as revenues, expenses, and closing income summary account dividends—into permanent accounts like retained earnings. The balance in dividends, revenues and expenses would all be zero leaving only the permanent accounts for a post closing trial balance. The trial balance shows the ending balances of all asset, liability and …

Example Closing Process Explanation Read More »