Sold a guitar to a Josh Roberts for 1500 on January 1st.

Example of journal sales. 1 Periodic Inventory System. Assume company not buy material with tax. Suppose on 2012005 we sold to W Co.

This what makes sales journals a great example of simple accounting. Let us take the example of SAF Ltd that purchased the equipment at the beginning of the financial year 2019 ie. There are numerous advantages to keep a sales journal.

The reference number is company-assigned and can be any number as long as its unique for every entry. 100000 Designs Documents Templates in PDF Word Excel PSD Google Docs PowerPoint InDesign Apple Pages Google Sheets Publisher Apple Numbers Illustrator Keynote. Same explanation as noted above.

Company A sells goods for 10000 so the sale tax is 500 5 10000 which needs to pay to the government during the months. Company A sold the goods to the final user for 10000 excluding tax. The cost of the guitar was 700.

Journal Example 1. The sales journal is where you record all credit sales of stock inventory that is sold for credit and not cash. As you can see all the information is put and grouped together.

Please calculate the sale tax for all companies. Here is an example sales journal. The ruling of the sales journal is exactly the same as the purchase journal and is illustrated below.