Accounting Lessons

Accounts Receivables Accounting

Lesson 9 in the Basic Accounting series Accounts Receivables (AR) are sales made by your small business, but not paid for yet by customers. They are usually in the form of invoices generated by your small business and delivered to your customers for payment in an agreed upon time frame. Accounts Receivables Tips: Many businesses now only …

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Sales Tax Accounting

Lesson 11 in the Basic Accounting series This article will refresh those basic accounting concepts and give you examples of small business sales tax accounting journal entries. Since we are basically serving as revenue collection agents for state governments… we should not show collected sales tax as income in our accounting records… nor should they be represented as …

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Payroll Accounting with Payroll Journal Entry Examples

Lesson 12 in the Basic Accounting series What is Payroll Accounting? Payroll accounting is simply recording the payroll expenses of a business into the general ledger. Payroll accounting for small business owners involves both expense and liabilities accounts such as FICA Taxes Payable, Federal and State Income Tax Payable, Health Insurance Premiums Payable, etc. Accounting for those taxes …

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