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I started up a brand new business in July, received 2000$ cash for jobs in August and September (unearned revenue), I paid 300$ for prepaid insurance for August/September that is paid in cash on July 31st, I took a job that will pay me $250 in August, agreed to pay for the rental of equipment for that July job in August for $50, and I sent a check to the government for $80 which was taxes for the $250 job that I won’t get paid til August. My question is how will I input the $80 tax check? Since it’s for a job that I will be paid for in August, do I just subtract the 80 from my 2000 cash and that’s it it’s off the books since I sent the check in July or does it show up on my August balance sheet?
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