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When Cantrell company has $10,500 of cash sales that are subject to an 8% sales tax, then the journal entry will affect a debit to the cash accounts for an amount of $10,500 and a credit to the sales tax at 8 percent of the sales.
A journal entry is an entry that ensures chronological, true and correct maintenance of accounting transaction within an accounting firm for a particular accounting period. The journal entry for the above transaction will be as below,
1. Cash Ac. Dr. 10,500
To Sales Tax Ac. 840
To, Sales Ac. 9660
Learn more about journal entries here:
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