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Sagot :
The journal entry to record the sale would include a Credit to sales Tax payable..
Entry should be:
cash dr 364
To sales 341
To sales tax payable 23
What does journal entry mean?
Journals record all company transactions. A transaction is broadly defined as any financial activity that affects your business. It includes, but is not limited to, exchanges of monetary value, such as interest payments, depreciation, expenses, payslips, etc.
What are some examples of journal entries?
An example of a journal entry is Purchase of machinery by country, debiting the machinery account and crediting the cash account.
How are journal entries recorded?
Journal entries are normally recorded in the general ledger. Alternatively, it can be recorded in a subledger, summarized and included in the general ledger. Next, use the general ledger to create your company's financial statements.
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