GST Journal Entry: Find out how to pass accounting entries under GST and the GST Impact on Financials. The equipment sold is used.To record received sales tax from customers, debit your Cash account, and credit your Sales Revenue and Sales Tax Payable accounts. Let's understand with an example : 1. Mr. X purchased goods Rs. 1,00000 locally (intrastate) 2. What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Common errors on output tax. A sales journal entry records a cash or credit sale to a customer. It does more than record the total money a business receives from the transaction.