Sales Tax Payable
Sales Tax Payable (alternatively known as Sales Tax Payable account) is a financial account in the 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.
