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hey guys today were going to talk about a sales transaction where we collect sales tax so on January 15th we made a cash sale of $1,000 and we collect sales tax of 8% were going to show that journal entry to record the sale so whenever you make a sale and receive cash you debit cash because youre increasing that asset and then youre gonna credit sales the revenue account for the amount of the sale and now were also going to credit a new account called sales tax payable the first thing you have to do is you have to figure out how much cash you actually received for this transaction $1,000 plus sales tax of 8% is 1080 the amount of sales the revenue account is credited for $1,000 which is the amount we sold and sales tax payable a liability account will be credited for $80.00 so our cash account goes up 1080 the sales revenue account goes up 1,000 and sales tax payable is $80 at the end of the month we will pay this to the Department of Revenue and whenever you pay off a liability y
