To address the recording of sales revenue of \[tex]$13,000 plus 5 percent sales tax in the journal, we will follow these steps:
1. Determine the sales tax amount:
\[
\text{Sales tax amount} = \text{Sales revenue} \times \text{Sales tax rate} = 13{,}000 \times 0.05 = 650
\]
2. Compute the total amount including sales tax:
\[
\text{Total amount} = \text{Sales revenue} + \text{Sales tax} = 13{,}000 + 650 = 13{,}650
\]
3. Record the entries in the journal:
\[
\begin{array}{|c|c|c|c|c|}
\hline \text{Transaction} & & \text{General Journal} & \text{Debit} & \text{Credit} \\
\hline 1 & \text{Cash} & & 13{,}650.00 & \\
\hline & & \text{Sales Revenue} & & 13{,}000.00 \\
\hline & & \text{Sales Tax Payable} & & 650.00 \\
\hline
\end{array}
\]
Here’s how each part of the journal entry looks:
- Transaction Number: 1
- Account Name: Cash (as we are receiving cash from customers)
- Debit: \$[/tex]13,650.00 (total amount including sales tax)
- Credit:
- Sales Revenue: \[tex]$13,000.00 (the revenue earned from sales)
- Sales Tax Payable: \$[/tex]650.00 (the amount of sales tax collected)
