Publication 583
taxmap/pubs/p583-009.htm#TXMP469146a4This part explains why you must keep records, what kinds of records
you must keep, and how to keep them. It also explains how long you must keep
your records for federal tax purposes. A sample recordkeeping system is
illustrated at the end of this part.
taxmap/pubs/p583-009.htm#TXMP2849d81fEveryone in business must keep records. Good records will help
you do the following.
taxmap/pubs/p583-009.htm#TXMP102b007bYou need good records to monitor the progress of your business.
Records can show whether your business is improving, which items are selling, or
what changes you need to make. Good records can increase the likelihood of
business success.
taxmap/pubs/p583-009.htm#TXMP7f34420aYou need good records to prepare accurate financial statements.
These include income (profit and loss) statements and balance sheets. These
statements can help you in dealing with your bank or creditors and help you
manage your business.
- An income statement shows the income and expenses of the business
for a given period of time.
- A balance sheet shows the assets, liabilities, and your equity
in the business on a given date.
You will receive money or property from many sources. Your records
can identify the source of your receipts. You need this information to separate
business from nonbusiness receipts and taxable from nontaxable income.
taxmap/pubs/p583-009.htm#TXMP27aba630You may forget expenses when you prepare your tax return unless
you record them when they occur.
taxmap/pubs/p583-009.htm#TXMP0006e2f2You need good records to prepare your tax returns. These records
must support the income, expenses, and credits you report. Generally, these are
the same records you use to monitor your business and prepare your financial
statements.
taxmap/pubs/p583-009.htm#TXMP1a90f915You must keep your business records available at all times for
inspection by the IRS. If the IRS examines any of your tax returns, you may be
asked to explain the items reported. A complete set of records will speed up the
examination.
taxmap/pubs/p583-009.htm#TXMP26238d6eExcept in a few cases, the law does not require any specific
kind of records. You can choose any recordkeeping system suited to your business
that clearly shows your income and expenses.
The business you are in affects the type of records you need
to keep for federal tax purposes. You should set up your recordkeeping system
using an accounting method that clearly shows your income for your tax year. See
Accounting Method,
earlier. If you are in more than one business, you should keep
a complete and separate set of records for each business. A corporation should
keep minutes of board of directors' meetings.
Your recordkeeping system should include a summary of your business
transactions. This summary is ordinarily made in your books (for example,
accounting journals and ledgers). Your books must show your gross income, as
well as your deductions and credits. For most small businesses, the business
checkbook (discussed later) is the main source for entries in the business
books. In addition, you must keep supporting documents, explained next.
taxmap/pubs/p583-009.htm#TXMP2d8f91ccPurchases, sales, payroll, and other transactions you have in
your business generate supporting documents. Supporting documents include sales
slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These
documents contain information you need to record in your books.
It is important to keep these documents because they support
the entries in your books and on your tax return. Keep them in an orderly
fashion and in a safe place. For instance, organize them by year and type of
income or expense.
taxmap/pubs/p583-009.htm#TXMP22be074aGross receipts are the income you receive from your business.
You should keep supporting documents that show the amounts and sources of your
gross receipts. Documents that show gross receipts include the following.
- Cash register tapes.
- Bank deposit slips.
- Receipt books.
- Invoices.
- Credit card charge slips.
- Forms 1099-MISC.
Purchases are the items you buy and resell to customers. If you
are a manufacturer or producer, this includes the cost of all raw materials or
parts purchased for manufacture into finished products. Your supporting
documents should show the amount paid and that the amount was for purchases.
Documents for purchases include the following.
- Canceled checks.
- Cash register tape receipts.
- Credit card sales slips.
- Invoices.
These records will help you determine the value of your inventory
at the end of the year. See Publication 538 for information on methods for
valuing inventory.
Expenses are the costs you incur (other than purchases) to carry
on your business. Your supporting documents should show the amount paid and that
the amount was for a business expense. Documents for expenses include the
following.
- Canceled checks.
- Cash register tapes.
- Account statements.
- Credit card sales slips.
- Invoices.
- Petty cash slips for small cash payments.
 | A petty cash fund allows you to make small payments without
having to write checks for small amounts. Each time you make a payment from this
fund, you should make out a petty cash slip and attach it to your receipt as
proof of payment. |
taxmap/pubs/p583-009.htm#TXMP43e1de8aSpecific recordkeeping rules apply to these expenses. For more
information, see Publication 463.
taxmap/pubs/p583-009.htm#TXMP7fa4c906There are specific employment tax records you must keep. For
a list, see Publication 15.
taxmap/pubs/p583-009.htm#TXMP2ea22463Assets are the property, such as machinery and furniture you
own and use in your business. You must keep records to verify certain
information about your business assets. You need records to figure the annual
depreciation and the gain or loss when you sell the assets. Your records should
show the following information.
- When and how you acquired the asset.
- Purchase price.
- Cost of any improvements.
- Section 179 deduction taken.
- Deductions taken for depreciation.
- Deductions taken for casualty losses, such as losses resulting
from fires or storms.
- How you used the asset.
- When and how you disposed of the asset.
- Selling price.
- Expenses of sale.
The following documents may show this information.
- Purchase and sales invoices.
- Real estate closing statements.
- Canceled checks.
If you do not have a canceled check, you may be able to prove
payment with certain financial account statements prepared by financial
institutions. These include account statements prepared for the financial
institution by a third party. These account statements must be highly legible.
The following table lists acceptable account statements.
| IF payment is by... | THEN the statement must show the... |
| Check |
- Check number.
- Amount.
- Payee's name.
- Date the check amount was posted to the account by the
financial institution.
|
| Electronic funds transfer |
- Amount transferred.
- Payee's name.
- Date the transfer was posted to the account by the financial
institution.
|
| Credit card |
- Amount charged.
- Payee's name.
- Transaction date.
|
 | Proof of payment of an amount, by itself, does not establish
you are entitled to a tax deduction. You should also keep other documents, such
as credit card sales slips and invoices, to show that you also incurred the
cost. |
taxmap/pubs/p583-009.htm#TXMP50590de5A good recordkeeping system includes a summary of your business
transactions. (Your business transactions are shown on the supporting documents
just discussed.) Business transactions are ordinarily summarized in books called
journals and ledgers. You can buy them at your local stationery or office supply
store.
A journal is a book where you record each business transaction
shown on your supporting documents. You may have to keep separate journals for
transactions that occur frequently.
A ledger is a book that contains the totals from all of your
journals. It is organized into different accounts.
Whether you keep journals and ledgers and how you keep them depends
on the type of business you are in. For example, a recordkeeping system for a
small business might include the following items.
- Business checkbook.
- Daily summary of cash receipts.
- Monthly summary of cash receipts.
- Check disbursements journal.
- Depreciation worksheet.
- Employee compensation record.
The business checkbook is explained next. The other items are
illustrated later under
Sample Record System. | The system you use to record business transactions will be
more effective if you follow good recordkeeping practices. For example, record
expenses when they occur, and identify the source of recorded receipts.
Generally, it is best to record transactions on a daily basis. |
taxmap/pubs/p583-009.htm#TXMP52440184One of the first things you should do when you start a business
is open a business checking account. You should keep your business account
separate from your personal checking account.
The business checkbook is your basic source of information for
recording your business expenses. You should deposit all daily receipts in your
business checking account. You should check your account for errors by
reconciling it. See
Reconciling the checking account,
later.
Consider using a checkbook that allows enough space to identify
the source of deposits as business income, personal funds, or loans. You should
also note on the deposit slip the source of the deposit and keep copies of all
slips.
You should make all payments by check to document business expenses.
Write checks payable to yourself only when making withdrawals from your business
for personal use. Avoid writing checks payable to cash. If you must write a
check for cash to pay a business expense, include the receipt for the cash
payment in your records. If you cannot get a receipt for a cash payment, you
should make an adequate explanation in your records at the time of payment.
| Use the business account for business purposes only. Indicate
the source of deposits and the type of expense in the checkbook. |
taxmap/pubs/p583-009.htm#TXMP3dfd76e7When you receive your bank statement, make sure the statement,
your checkbook, and your books agree. The statement balance may not agree with
the balance in your checkbook and books if the statement:
- Includes bank charges you did not enter in your books and
subtract from your checkbook balance, or
- Does not include deposits made after the statement date or
checks that did not clear your account before the statement date.
By reconciling your checking account, you will:
- Verify how much money you have in the account,
- Make sure that your checkbook and books reflect all bank charges
and the correct balance in the checking account, and
- Correct any errors in your bank statement, checkbook, and
books.
| You should reconcile your checking account each month.
|
Before you reconcile your monthly bank statement, check your
own figures. Begin with the balance shown in your checkbook at the end of the
previous month. To this balance, add the total cash deposited during the month
and subtract the total cash disbursements.
After checking your figures, the result should agree with your
checkbook balance at the end of the month. If the result does not agree, you may
have made an error in recording a check or deposit. You can find the error by
doing the following.
- Adding the amounts on your check stubs and comparing that
total with the total in the "amount of check" column in your check disbursements
journal. If the totals do not agree, check the individual amounts to see if an
error was made in your check stub record or in the related entry in your check
disbursements journal.
- Adding the deposit amounts in your checkbook. Compare that
total with the monthly total in your cash receipt book, if you have one. If the
totals do not agree, check the individual amounts to find any errors.
If your checkbook and journal entries still disagree, then refigure
the running balance in your checkbook to make sure additions and subtractions
are correct.
When your checkbook balance agrees with the balance figured from
the journal entries, you may begin reconciling your checkbook with the bank
statement. Many banks print a reconciliation worksheet on the back of the
statement.
To reconcile your account, follow these steps.
- Compare the deposits listed on the bank statement with the
deposits shown in your checkbook. Note all differences in the dollar amounts.
- Compare each canceled check, including both check number and
dollar amount, with the entry in your checkbook. Note all differences in the
dollar amounts. Mark the check number in the checkbook as having cleared the
bank. After accounting for all checks returned by the bank, those not marked in
your checkbook are your outstanding checks.
- Prepare a bank reconciliation. One is illustrated later under
Sample Record System.
- Update your checkbook and journals for items shown on the
reconciliation as not recorded (such as service charges) or recorded
incorrectly.
At this point, the adjusted bank statement balance should equal
your adjusted checkbook balance. If you still have differences, check the
previous steps to find the errors.
taxmap/pubs/p583-009.htm#f15150b03
Table 3. Period of Limitations
| IF you... | | THEN the period is... |
| 1. Owe additional tax and situations (2), (3), and (4),
below, do not apply to you | | 3 years |
| 2. Do not report income that you should report and it is
more than 25% of the gross income shown on the return | | 6 years |
| 3. File a fraudulent return | | Not limited |
| 4. Do not file a return | | Not limited |
| 5. File a claim for credit or refund after you filed your
return | | Later of: 3 years or
2 years after tax
was paid
|
| 6. File a claim for a loss from worthless securities or
a bad debt deduction | | 7 years |
You must decide whether to use a single-entry or a double-entry
bookkeeping system. The single-entry system of bookkeeping is the simplest to
maintain, but it may not be suitable for everyone. You may find the double-entry
system better because it has built-in checks and balances to assure accuracy and
control.
taxmap/pubs/p583-009.htm#TXMP2c107bd7A single-entry system is based on the income statement (profit
or loss statement). It can be a simple and practical system if you are starting
a small business. The system records the flow of income and expenses through the
use of:
- A daily summary of cash receipts, and
- Monthly summaries of cash receipts and disbursements.
A double-entry bookkeeping system uses journals and ledgers.
Transactions are first entered in a journal and then posted to ledger accounts.
These accounts show income, expenses, assets (property a business owns),
liabilities (debts of a business), and net worth (excess of assets over
liabilities). You close income and expense accounts at the end of each tax year.
You keep asset, liability, and net worth accounts open on a permanent basis.
In the double-entry system, each account has a left side for
debits and a right side for credits. It is self-balancing because you record
every transaction as a debit entry in one account and as a credit entry in
another.
Under this system, the total debits must equal the total credits
after you post the journal entries to the ledger accounts. If the amounts do not
balance, you have made an error and you must find and correct it.
An example of a journal entry exhibiting a payment of rent in
October is shown next.
General Journal
| Date | Description of Entry | Debit | Credit |
| Oct. 5 | Rent expense | 780.00 | |
| |
Cash | | 780.00 |
| | | | |
| | | | |
There are computer software packages you can use for recordkeeping.
They can be purchased in many retail stores. These packages are very helpful and
relatively easy to use; they require very little knowledge of bookkeeping and
accounting.
If you use a computerized system, you must be able to produce
sufficient legible records to support and verify entries made on your return and
determine your correct tax liability. To meet this qualification, the
machine-sensible records must reconcile with your books and return. These
records must provide enough detail to identify the underlying source documents.
You must also keep all machine-sensible records and a complete
description of the computerized portion of your recordkeeping system. This
documentation must be sufficiently detailed to show all of the following items.
- Functions being performed as the data flows through the system.
- Controls used to ensure accurate and reliable processing.
- Controls used to prevent the unauthorized addition, alteration,
or deletion of retained records.
- Charts of accounts and detailed account descriptions.
See Revenue Procedure 98-25 in Cumulative Bulletin 1998-1 for
more information.
Microfilm and microfiche reproductions of general books of accounts,
such as cash books, journals, voucher registers, and ledgers, are accepted for
recordkeeping purposes if they comply with Revenue Procedure 81-46 in Cumulative
Bulletin 1981-2.
taxmap/pubs/p583-009.htm#TXMP4228a0e5Records maintained in an electronic storage system are accepted
for recordkeeping purposes if the system complies with Revenue Procedure 97-22
in Cumulative Bulletin 1997-1.
An electronic storage system is one that either images hardcopy
(paper) books and records or transfers computerized books and records to an
electronic storage media, such as an optical disk.
taxmap/pubs/p583-009.htm#TXMP2b561d9cYou must keep your records as long as they may be needed for
the administration of any provision of the Internal Revenue Code. Generally,
this means you must keep records that support an item of income or deduction on
a return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you
can amend your return to claim a credit or refund, or the IRS can assess
additional tax.
Table 3
below contains the periods of limitations that apply to income tax returns.
Unless otherwise stated, the years refer to the period after the return was
filed. Returns filed before the due date are treated as filed on the due date.
| Keep copies of your filed tax returns. They help in preparing
future tax returns and making computations if you file an amended return. |
taxmap/pubs/p583-009.htm#TXMP75c9bb96If you have employees, you must keep all employment tax records
for at least 4 years after the date the tax becomes due or is paid, whichever is
later. For more information about recordkeeping for employment taxes, see
Publication 15.
taxmap/pubs/p583-009.htm#TXMP6df4d82bKeep records relating to property until the period of limitations
expires for the year in which you dispose of the property in a taxable
disposition. You must keep these records to figure any depreciation,
amortization, or depletion deduction, and to figure your basis for computing
gain or loss when you sell or otherwise dispose of the property.
Generally, if you received property in a nontaxable exchange,
your basis in that property is the same as the basis of the property you gave
up, increased by any money you paid. You must keep the records on the old
property, as well as on the new property, until the period of limitations
expires for the year in which you dispose of the new property in a taxable
disposition.
taxmap/pubs/p583-009.htm#TXMP0ccca3f7When your records are no longer needed for tax purposes, do not
discard them until you check to see if you have to keep them longer for other
purposes. For example, your insurance company or creditors may require you to
keep them longer than the IRS does.
taxmap/pubs/p583-009.htm#TXMP5f8a412fThis example illustrates a single-entry system used by Henry
Brown, who is the sole proprietor of a small automobile body shop. Henry uses
part-time help, has no inventory of items held for sale, and uses the cash
method of accounting.
These sample records should not be viewed as a recommendation
of how to keep your records. They are intended only to show how one business
keeps its records.
taxmap/pubs/p583-009.htm#TXMP51deb803This summary is a record of cash sales for the day. It accounts
for cash at the end of the day over the amount in the Change and Petty Cash Fund
at the beginning of the day.
Henry takes the cash sales entry from his cash register tape.
If he had no cash register, he would simply total his cash sale slips and any
other cash received that day.
He carries the total receipts shown in this summary for January
3 ($267.80), including cash sales ($263.60) and sales tax ($4.20), to the
Monthly Summary of Cash Receipts.
taxmap/pubs/p583-009.htm#TXMP116f36f9Henry uses a petty cash fund to make small payments without having
to write checks for small amounts. Each time he makes a payment from this fund,
he makes out a petty cash slip and attaches it to his receipt as proof of
payment. He sets up a fixed amount ($50) in his petty cash fund. The total of
the unspent petty cash and the amounts on the petty cash slips should equal the
fixed amount of the fund. When the totals on the petty cash slips approach the
fixed amount, he brings the cash in the fund back to the fixed amount by writing
a check to "Petty Cash" for the total of the outstanding slips. (See the
Check Disbursements Journal
entry for check number 92.) This restores the fund to its fixed
amount of $50. He then summarizes the slips and enters them in the proper
columns in the monthly check disbursements journal.
taxmap/pubs/p583-009.htm#TXMP7ee20f92This shows the income activity for the month. Henry carries the
total monthly net sales shown in this summary for January ($4,865.05) to his
Annual Summary.
To figure total monthly net sales, Henry reduces the total monthly
receipts by the sales tax imposed on his customers and turned over to the state.
He cannot take a deduction for sales tax turned over to the state because he
only collected the tax. He does not include the tax in his income.
taxmap/pubs/p583-009.htm#TXMP53458f9aHenry enters checks drawn on the business checking account in
the
Check Disbursements Journal
each day. All checks are prenumbered and each check number is
listed and accounted for in the column provided in the journal.
Frequent expenses have their own headings across the sheet. He
enters in a separate column expenses that require comparatively numerous or
large payments each month, such as materials, gross payroll, and rent. Under the
General Accounts
column, he enters small expenses that normally have only one or two monthly
payments, such as licenses and postage.
Henry does not pay personal or nonbusiness expenses by checks
drawn on the business account. If he did, he would record them in the journal,
even though he could not deduct them as business expenses.
Henry carries the January total of expenses for materials ($1,083.50)
to the
Annual Summary.
Similarly, he enters the monthly total of expenses for telephone,
truck/auto, etc., in the appropriate columns of that summary.
taxmap/pubs/p583-009.htm#TXMP168269dfThis record shows the following information.
- The number of hours Henry's employee worked in a pay period.
- The employee's total pay for the period.
- The deductions Henry withheld in figuring the employee's net
pay.
- The monthly gross payroll.
Henry carries the January gross payroll ($520) to the
Annual Summary.This annual summary of monthly cash receipts and expense totals
provides the final amounts to enter on Henry's tax return. He figures the cash
receipts total from the total of monthly cash receipts shown in the
Monthly Summary of Cash Receipts.
He figures the expense totals from the totals of monthly expense
items shown in the
Check Disbursements Journal.
As in the journal, he keeps each major expense in a separate
column.
Henry carries the cash receipts total shown in the annual summary
($47,440.95) to Part I of Schedule C (not illustrated). He carries the total for
materials ($10,001.00) to Part II of Schedule C.
| A business that keeps materials and supplies on hand generally
must complete the inventory lines in Part III of Schedule C. However, there are
no inventories of materials and supplies in this example. Henry buys parts and
supplies on a per-job basis; he does not keep them on hand. |
Henry enters annual totals for interest, rent, taxes, and wages
on the appropriate lines in Part II of Schedule C. The total for taxes and
licenses includes the employer's share of social security and Medicare taxes,
and the business license fee. He enters the total of other annual business
expenses on the "Other expenses" line of Schedule C.
taxmap/pubs/p583-009.htm#TXMP10e80338This worksheet shows the information used in figuring the depreciation
allowed on assets used in Henry's business. Henry figures the depreciation using
the modified accelerated cost recovery system (MACRS). He purchased and placed
in service several used assets that do not qualify for the section 179 deduction
or the special depreciation allowance. Depreciation, the section 179 deduction,
and the special depreciation allowance are discussed in Publication 946. Henry
uses the information in the worksheet to complete Form 4562,
Depreciation and Amortization (not illustrated).
taxmap/pubs/p583-009.htm#TXMP5e16f56cHenry reconciles his checkbook with his bank statement and prepares
a bank reconciliation for January as follows.
- Henry begins by entering his bank statement balance.
- Henry compares the deposits listed on the bank statement with
deposits shown in his checkbook. Two deposits shown in his checkbook—
$701.33 and $516.08—were not on his bank statement. He enters these two
amounts on the bank reconciliation. He adds them to the bank statement balance
of $1,458.12 to arrive at a subtotal of $2,675.53.
- After comparing each canceled check with his checkbook, Henry
found four outstanding checks totaling $526.50. He subtracts this amount from
the subtotal in (2). The result of $2,149.03 is the adjusted bank statement
balance.
- Henry enters his checkbook balance on the bank reconciliation.
- Henry discovered that he mistakenly entered a deposit of $600.40
in his checkbook as $594.40. He adds the difference ($6.00) to the checkbook
balance of $2,153.03. There was a $10.00 bank service charge on his bank
statement that he subtracts from the checkbook balance. The result is the
adjusted checkbook balance of $2,149.03. This equals his adjusted bank statement
balance computed in (3).
The only book adjustment Henry needs to make is to the
Check Disbursements Journal
for the $10 bank service charge. He does not need to adjust
the
Monthly Summary of Cash Receipts
because he correctly entered the January 8 deposit of $600.40
in that record.
taxmap/pubs/p583-009.htm#f15150b11
2. Monthly Summary of Cash Receipts
| | Year
20— Month
January
| | |
| | Day | Net Sales | | Sales Tax | | Daily Receipts | | Deposit | | |
| | 3 | 263.60 | | 4.20 | | 267.80 | | | | |
| | 4 | 212.00 | | 3.39 | | 215.39 | | | | |
| | 5 | 194.40 | | 3.10 | | 197.50 | | 680.69 | | |
| | 6 | 222.40 | | 3.54 | | 225.94 | | | | |
| | 7 | 231.15 | | 3.68 | | 234.83 | | | | |
| | 8 | 137.50 | | 2.13 | | 139.63 | | 600.40 | | |
| | 10 | 187.90 | | 2.99 | | 190.89 | | | | |
| | 11 | 207.56 | | 3.31 | | 210.87 | | 401.76 | | |
| | 12 | 128.95 | | 2.05 | | 131.00 | | | | |
| | 13 | 231.40 | | 3.77 | | 235.17 | | | | |
| | 14 | 201.28 | | 3.21 | | 204.49 | | | | |
| | 15 | 88.01 | | 1.40 | | 89.41 | | 660.07 | | |
| | 17 | 210.95 | | 3.36 | | 214.31 | | | | |
| | 18 | 221.80 | | 3.53 | | 225.33 | | 439.64 | | |
| | 19 | 225.15 | | 3.59 | | 228.74 | | | | |
| | 20 | 221.93 | | 3.52 | | 225.45 | | | | |
| | 21 | 133.53 | | 2.13 | | 135.66 | | 589.85 | | |
| | 22 | 130.84 | | 2.08 | | 132.92 | | | | |
| | 24 | 216.37 | | 3.45 | | 219.82 | | 352.74 | | |
| | 25 | 220.05 | | 3.50 | | 223.55 | | | | |
| | 26 | 197.80 | | 3.15 | | 200.95 | | | | |
| | 27 | 272.49 | | 4.34 | | 276.83 | | 701.33 | | |
| | 28 | 150.64 | | 2.40 | | 153.04 | | | | |
| | 29 | 224.05 | | 3.56 | | 227.61 | | | | |
| | 31 | 133.30 | | 2.13 | | 135.43 | | 516.08 | | |
| | TOTALS | 4,865.05 | | 77.51 | | 4,942.56 | | 4,942.56 | | |
| | | | | | | | | | | |
taxmap/pubs/p583-009.htm#f15150b07
3. Check Disbursements Journal
| Year
20— Month
January |
|---|
| |
|---|
| Day | | Paid To | Check # | Amount of Check | Materials | Gross Payroll | Federal Withheld Income Tax | FICA Social Security Reserve | FICA Medicare Reserve |
|---|
| 3 | | Dale Advertising | 74 | 85.00 | | | | | | | | | | |
| 4 | | City Treasurer | 75 | 35.00 | | | | | | | | | | |
| 4 | | Auto Parts, Inc. | 76 | 203.00 | | 203.00 | | | | | | | | |
| 4 | | John E. Marks | 77 | 214.11 | | | | 260.00 | | (20.00) | | (16.12) | | (3.77) |
| 6 | | Henry Brown | 78 | 250.00 | | | | | | | | | | |
| 6 | | Mike's Deli | 79 | 36.00 | | | | | | | | | | |
| 6 | | Joe's Service Station | 80 | 74.50 | | 29.50 | | | | | | | | |
| 6 | | ABC Auto Paint | 81 | 137.50 | | 137.50 | | | | | | | | |
| 7 | | Henry Brown | 82 | 225.00 | | | | | | | | | | |
| 14 | | Telephone Co. | 83 | 27.00 | | | | | | | | | | |
| 15 | | National Bank (Tax Deposit) | 84 | 119.56 | | | | | | 40.00 | | 32.24 | | 7.54 |
| 18 | | National Bank | 85 | 90.09 | | | | | | | | | | |
| 18 | | Auto Parts, Inc. | 86 | 472.00 | | 472.00 | | | | | | | | |
| 18 | | Henry Brown | 87 | 275.00 | | | | | | | | | | |
| 18 | | John E. Marks | 88 | 214.11 | | | | 260.00 | | (20.00) | | (16.12) | | (3.77) |
| 21 | | Electric Co. | 89 | 175.30 | | | | | | | | | | |
| 21 | | M.B. Ignition | 90 | 66.70 | | 66.70 | | | | | | | | |
| 21 | | Baker's Fender Co. | 91 | 9.80 | | 9.80 | | | | | | | | |
| 21 | | Petty Cash | 92 | 17.00 | | 15.00 | | | | | | | | |
| 21 | | Henry Brown | 93 | 225.00 | | | | | | | | | | |
| 25 | | Baker's Fender Co. | 94 | 150.00 | | 150.00 | | | | | | | | |
| 25 | | Enterprise Properties | 95 | 300.00 | | | | | | | | | | |
| 25 | | State Treasurer | 96 | 12.00 | | | | | | | | | | |
| 25 | | State Treasurer | 97 | 65.00 | | | | | | | | | | |
| | | | | 3,478.67 | | 1,083.50 | | 520.00 | | -0- | | -0- | | -0- |
| | | Bank service charge | | 10.00 | | | | | | | | | | |
| TOTALS | | | | 3,488.67 | | 1,083.50 | | 520.00 | | -0- | | -0- | | -0- |
| | | | | | | | | | | | | | | |
taxmap/pubs/p583-009.htm#f15150b06
3. Check Disbursements Journal (Continued)
| |
| State Withheld Income Tax | Employer's
FICA
Tax | Electric | Interest | | Rent | Telephone | | Truck/Auto | Drawing | | General Accounts |
| | | | | | | | | | | | | | | | | | Advertising | 85.00 |
| | | | | | | | | | | | | | | | | | License | 35.00 |
| | | | | | | | | | | | | | | | | | | |
| | (6.00) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 250.00 | | | |
| | | | | | | | | | | | | | | | | | Holiday Party | 36.00 |
| | | | | | | | | | | | | | 45.00 | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 225.00 | | | |
| | | | | | | | | | | | 27.00 | | | | | | | |
| | | |
39.78
| | | | | | | | | | | | | | | |
| | | | | | | | 18.09 | | | | | | | | | | Loan | 72.00 |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 275.00 | | | |
| | (6.00) | | | | | | | | | | | | | | | | | |
| | | | | | 175.30 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Postage | 2.00 |
| | | | | | | | | | | | | | | | 225.00 | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | 300.00 | | | | | | | | | |
| | 12.00 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Sales Tax | 65.00 |
| -0- | | 39.78 | | 175.30 | | 18.09 | | 300.00 | | 27.00 | | 45.00 | | 975.00 | | | 295.00 |
| | | | | | | | | | | | | | | | | | | 10.00 |
| -0- | | 39.78 | | 175.30 | | 18.09 | | 300.00 | | 27.00 | | 45.00 | | 975.00 | | | 305.00 |
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