Sales Tax Payable
Revision as of 07:52, 21 December 2018 by Gary (talk | contribs) (Gary moved page Sales Tax Payable account to Sales Tax Payable)
Sales Tax Payable account is an account in the general ledger that accumulates the amount of sales tax owed. It has a credit balance.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Sales Tax Payable account. An account in the general ledger that accumulates the amount of sales tax owed. It has a credit balance.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
