Bookkeeping

And that’s how you manually record T accounts into the ledger. On February 18th, clients send the $600 worth of invoice payment billed on February 15th. The company purchases $2,500 worth of equipment on account. Although it may lack the detail which the ledger provides, it provides the main information, which is the amount it’s […]

Additionally, the revised statute for taxes on tobacco products takes effect and imposes a tax, equal to 43 percent of the cost price, on all tobacco products (unless taxed by another provision of the statute). Louisiana lawmakers repealed the state’s throwout rule, ending the taxation of so-called “nowhere income.” Now, Maine remains the only state