if contracting is not your's main business, it is necessary to confirm other business income.

it is assumed that your daily turnover will be transferred to bank deposit, and you will pay the other party with bank deposit at the end of the month.

The accounting treatment is as follows:

When the turnover is received every day:

Debit: cash on hand

Loan: accounts payable

Deposit in the bank:

Debit: bank deposit

Loan: cash on hand

At the end of the month, the income is calculated. Income offsets half of accounts payable:

Debit: accounts payable

Loan: other business income (turnover * 51%)

Confirmation cost:

Borrowing: Other business costs

Lending: Payables (salaries allocated to managers and cashiers)

Accumulated depreciation (booth depreciation fee)

Confirmation tax:

Borrowing: Business tax and surcharges

Lending: Taxes payable-Business tax payable (turnover *). 5%)

Taxes payable-urban maintenance and construction tax payable (business tax *7%, 7% for the city, 5% for counties and towns

Taxes payable-education surcharge payable (business tax *3%)

Withholding and paying business tax:

Borrowing: accounts payable

Lending: Taxes payable-business tax payable (turnover * 51% * 5%)

Taxes payable-urban maintenance and construction tax payable (business tax *7%) Counties and towns pay 5%)

taxes payable-education surcharge payable (business tax *3%)

income paid to the other party:

accounts payable = turnover *5%- taxes payable

debit: accounts payable

loan: bank deposit

OVER!