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Sales Tax Payable definitions

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  • Sales Tax
    A percentage-based amount added to sales price, collected from customers and remitted to the government by the company.
  • Sales Tax Payable
    A liability account representing sales tax collected from customers but not yet remitted to the government.
  • Revenue
    The portion of cash collected from sales that belongs to the company, excluding any sales tax.
  • Liability
    An obligation to pay an amount, such as collected sales tax, to another party, typically the government.
  • Journal Entry
    An accounting record that documents the debit and credit effects of a transaction, such as sales and tax collection.
  • Cash Receipts
    The total amount of cash collected from customers, including both sales revenue and sales tax.
  • Remittance
    The process of sending collected sales tax from the company to the government, settling the liability.
  • Sales Tax Rate
    The percentage applied to sales to determine the amount of sales tax to be collected.
  • Reconciliation
    The process of determining sales revenue and sales tax payable from total cash receipts, often at month-end.
  • Debit
    An accounting entry that increases assets or decreases liabilities, such as recording cash collected.
  • Credit
    An accounting entry that increases liabilities or revenue, such as recording sales tax payable or sales revenue.
  • Total Cash Collected
    The sum of sales revenue and sales tax received from customers during a period.
  • Formula for Sales Revenue
    A calculation dividing total cash receipts by 1 plus the sales tax rate to determine actual sales revenue.
  • Retained Earnings
    The equity account increased by revenue earned, not including sales tax collected.
  • Accounts Receivable
    An asset account for sales made on credit, not directly involved when all sales are cash.