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Prepare the necessary journal entry at june

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Question - Fulton Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During June, Fulton recorded total sales of $600,000. An analysis of June sales indicated the following:

1. 30% of sales were subject to both a 10% excise tax and a 6% sales tax.

2. 50% of sales were subject only to the sales tax.

3. The balance of sales was for labor charges not subject to either excise or sales tax.

Required

a. Calculate the related liabilities for excise and sales taxes for June.

b. Prepare the necessary journal entry at June 30 to record the monthly payment of excise tax and sales tax to the government.

Reference no: EM131945318

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