Helpp!!!
Please anyone on my F-list
Ok, I need to prepare some journal entries for my accounting homework, but I'm stuck with the one for this transaction: Income Taxes paid 30%
I figured out that, on the debit side, I need to use the Income Taxes account (in blank, cuz I haven't done the Income Statement yet) but what account should I use on the credit side?
Please anyone?
Thankz in advanced
Ok, I need to prepare some journal entries for my accounting homework, but I'm stuck with the one for this transaction: Income Taxes paid 30%
I figured out that, on the debit side, I need to use the Income Taxes account (in blank, cuz I haven't done the Income Statement yet) but what account should I use on the credit side?
Please anyone?
Thankz in advanced