journal entry to record vehicle expense using standard mileage?
Asked by: livingeditor
Ok, I have journalized the disbursements off the bank statements and have a dollar amount for vehcile expenses. However, I will be using the standard mileage rate, which will be a higher deduction. What would the journal entry be to record this difference between actual and standard? If I debit vehicle expense for this difference, what do i credit???? This is for a sole proprietorship.