A business gets $264, of which $24 goes toward sales tax. A $24 credit to Sales Taxes Payable would be included in the journal entry to document the sale.
Buy, purchase returns, cash receipts, cash disbursements, sales, sales returns, and general are the seven main categories of journals.
Transactions are recorded in a supplementary book of accounts called the journal. A ledger is a main book of accounts used to organize the transactions entered in a journal. On the day of the transaction, the journal entries are entered in reverse chronological order.
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