Posting the Total of the Sales Tax Payable Credit Column
After posting the total of the Sales Credit column to the sales account, you need to post the total of the Sales Tax Payable Credit column to the Sales Tax Payable account. The steps for doing this are given below:
Step 1: Enter the date from the totals line of the sales journal in the date column of the Sales Tax Payable account.
Step 2: Enter the sales journal letter and page number in the posting reference column.
Step 3: Enter the total from the Sales Tax Payable Credit column of the sales journal in the Credit column.
Step 4: Compute the new balance and enter it in the Credit Balance column.
Step 5: Return to the sales journal and enter the Sales Tax Payable account number, in parentheses, below the double rule in the Sales Tax Payable Credit column.
