325 Other Taxes Payable
Liabilities
Accrued
Synopsis
Account 325 is established to record the amount of Other Taxes payable or accrued.
Debits |
Credits |
|
|
Example 1
Record the accrual of the real estate taxes for the month in the amount of $3,813.
Journal: Standard Entries Journal
Entry: |
|
Debit |
Credit |
Account 084-01 |
Taxes – Real Estate – New Vehicle Department |
$1,335 |
|
Account 084-02 |
Taxes – Real Estate – Used Vehicle Department |
$763 |
|
Account 084-03 |
Taxes – Real Estate – Lease & Rental Department |
$75 |
|
Account 084-05 |
Taxes – Real Estate – Mechanical Department |
$763 |
|
Account 084-06 |
Taxes – Real Estate – Body Shop Department |
$267 |
|
Account 084-07 |
Taxes – Real Estate – Parts & Accessories Department |
$419 |
|
Account 084-09 |
Taxes – Real Estate – General & Administrative |
$191 |
|
Account 325 |
Other Taxes Payable |
|
$3,813 |
Example 2
Record the payment of the real estate taxes in the amount of $45,750.
Journal: Cash Disbursements
Entry: |
|
Debit |
Credit |
Account 325 |
Other Taxes Payable |
$45,750 |
|
Account 202 |
Cash in Bank |
|
$45,750 |
Comments
A credit balance represents unpaid taxes other than payroll, sales, use and income taxes.