1. When borrowing money:
Debit: bank deposit
Loans: other payables/short-term loans
2. When the interest is accumulated on schedule.
Debit: financial expenses
Loan: interest payable
3. When paying interest:
Borrow: interest payable
Loans: bank deposits
Taxes payable-Business tax payable (withholding)
-Personal income tax payable
4. When paying taxes:
Debit: Taxes payable-Business tax payable (withholding)
-Personal income tax payable
Loans: bank deposits
5. When the principal is returned
Borrowing: Other payables/short-term loans.
Loans: bank deposits
Accounting entries are also called "accounting formulas". Short for "entrance". According to the requirements of the double-entry bookkeeping principle, it lists the records of the corresponding accounts and amounts of each economic transaction. Before registering an account, accounting entries are made through accounting vouchers, which can clearly reflect the classification of economic business, help ensure the correctness of account records, and facilitate post-event inspection. Each accounting entry mainly includes accounting symbol, related account name, abstract and amount.
Accounting entries are divided into simple entries and compound entries. Simple entries are also called "single entries". An accounting entry in which the debit of one account corresponds to the credit of another account. Compound entries are also called "multiple entries". Refers to the accounting entries in which the debit of one account corresponds to the credit of several accounts, or the credit of one account corresponds to the debit of several accounts. In order to ensure the correct and clear correspondence of accounts and facilitate the understanding of the contents of economic business, accounting entries must strictly grasp the basic principles of one loan and many loans or one loan and many loans, and it is not allowed to borrow more loans.
Source: Baidu Encyclopedia: Accounting Entries