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Bar exam prep classes are not deductible to an individual taxpayer, nor are expenses relating to getting a law license.
In your journal entry, you must: Debit your Cash account in the amount of your Sale Fees. Debit your Credit Card Expense account the amount of your fees. Credit your Sales account the total amount of the sale.
A credit card payment is treated as a liability payment in QuickBooks, as it reduces your credit card balance. Note that QuickBooks doesnt count credit card balance payments as a direct business expense, but rather as the repayment of borrowed funds.
Credit card fees are not deductible for individuals and are deductible for businesses. Businesses can deduct all credit card fees as well as finance charges. Businesses are eligible to deduct credit or debit card processing fees associated with paying taxes, but individuals are not.
What can I use my business credit card for? Everyday purchases: Office supplies, subscriptions, inventory, shipping, advertising, employee payroll, meals with clients. Travel: Flights, hotels, rental cars, and other travel-related expenses. Equipment: Computers, software, furniture, and other business equipment.

People also ask

Credit card payments are not expenses, they are liability payments.
For proper financial reporting, service fees should be classified as revenue on the income statements, and the related credit card fee should be classified as an operating expense.

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