Sales on account totalled $295,000 plus of $20,650.00 Cost of goods sold was $ 197,973.00. What would be the journal entry??

I don not understand your question. What is your $20,650? Is it sales taxes.

For Sales you will have 2 sets of journal entries; one to record the sale and one two record the cost of the merchandise or goods that were sold.

Your First journal entry will be:
Debit Cash (if cash received) or Accounts Receivable (if on account) for the total amount of the sale
Credit Sales Taxes (or apporiate taxes) Payable for the amount of taxes
Credit Sales Revenue for the amount of the sale.



Your second journal entry will be:
Debit Cost of Goods Sold for the cost of the merchandise or goods sold
Credit Merchandise Inventory (or appropriate inventory account) for the cost of merchandise or goods sold.

When you actually pay the taxes your journal entry will be:
Debit Sales Taxes (or appropriate taxes) Payable for the amount paid
Credit cash for the amount paid