Total sales were booked to the sales account without accounting for sales tax collected. What is the correct journal entry to record sales tax collected?

When analyzing financial reports, such as the Balance Sheet and Profit & Loss Statement, what are the best way(s) to spot potential bookkeeping or classification errors?

 

Answer rating: 100% (QA)

To record sales tax collected the correct journal entry would be Journal Entry Dr Cash or Accounts Receivable depending on how the sales were received ... View the full answer