Is gross sale a vatable sale?

NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or returns.

No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5...

Not necessarily. Gross sales means total sales from all sources (e.g. both retail and wholesale), before you deduct expenses. Retail sales are sales from retail ventures.

If I understand your question correctly you know what the Gross Receipts are and need to calculate the sales tax that is included. If that is the case this is how to do it. Gross Receipts - Gross...

Net Sales..