Example - Sales Journal - Month of July
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Example - Sales Journal - Month of July
Example
| Date | Particulars | Cash sales (1) 1 |
Credit sales (2) 1 |
Sales returns (3) 1 |
Total sales (4) 1 |
GST (5%) (5) 2 |
PST (8%) (6) |
Payment on account (7) |
|---|---|---|---|---|---|---|---|---|
| July 1 | Daily sales | $146.00 | $27.00 | $0.00 | $173.00 | $8.65 | $13.84 | $10.00 |
| July 2 | Daily sales | $167.00 | $36.25 | $26.00 | $177.25 | $8.86 | $14.18 | $0.00 |
| July 3 | Daily sales | $155.02 | $19.95 | $10.01 | $164.96 | $8.25 | $13.20 | $32.40 |
| July 4 | Daily sales | $147.00 | $29.95 | $0.00 | $176.95 | $8.85 | $14.16 | $0.00 |
1 - Does not include goods and services tax (GST) and provincial sales tax (PST) or harmonized sales tax (HST).
2 - If you sell to a resident in one of the participating provinces, the HST replaces the GST and the PST. For more information on HST, see Guide RC4022, General Information for GST/HST Registrants.
On July 1, you examine the sales invoices and cash register tapes. You find that you had cash sales of $146 and sales on account of $27. In the sales journal, you record the cash sales in column 1 and the credit sales in column 2. Since there were no merchandise returns on July 1st , leave column 3 blank. Column 4 then shows the total of your cash sales and credit sales minus any merchandise returned for the day. In columns 5 and 6, show the total GST and PST you charged on your sales.
In column 7, keep track of any cash received on previous credit sales. Do not include the amount in the daily sales figures; since you would have included it in the sales figures on the day the sale took place.
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- Date modified:
- 2016-01-05