Helpp!!!

[molkogirl_dna]

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

Comments

[petulant2u]

I could be wrong, but if the debit side is income tax paid 30% I believe the credit side would be Wages earned? Or Business Income? Or something like that. Debit is paid out, Credit's are income receieved.

Gina
Hope this helps

[rromantic]

oh my word... LOL

sorry, honey, no help from me. but it all does look very impressive! ;)

hope you get someone to help.

*hugs*

♥ RR ♥