Additional accounting entries for accrued education expenses
Borrow: taxes and surcharges
Loan: tax payable-surcharge for education payable
Taxes payable-local education surcharge payable
When actually paid:
Borrow: taxes payable-education surcharge payable
Taxes payable-local education surcharge payable
Loans: bank deposits
Profit carried forward from the end of the period to this year:
Debit: this year's profit
Credits: taxes and surcharges
What are taxes and surcharges?
Taxes and surcharges reflect the consumption tax, urban maintenance and construction tax, urban land use tax, resource tax and education surcharge that enterprises should bear in their main business.
Taxes and fees related to business activities calculated by enterprises according to regulations,
Borrow: taxes and surcharges
Loans: taxes payable, etc.
The returned consumption tax and other taxes originally credited to the undergraduate course shall be based on the amount actually received.
Debit: bank deposit
Credits: taxes and surcharges
The ending balance of the subject of "taxes and surcharges" should be transferred to the subject of "profit of this year", and there should be no balance in this subject after carry-over.
How to understand this year's profit?
This course accounts for the net profit (or net loss) realized by the enterprise in the current period.
This year's profit account belongs to the owner's equity account. The lender reflects the income realized by the enterprise in the current period, including main business income, other business income, non-operating income, investment income, etc. The borrower reflects all expenses incurred by the enterprise in the current period, including main business cost, non-operating expenses, financial expenses, operating expenses, management expenses, investment income (net loss), income tax, etc.