During May Year 1,Grant Park Refinery sold,on credit,1,200,000 gallons of motor fuel at $1.89 each plus Ontario sales tax of 6%.Included in the price per gallon was a $.42 federal excise tax.All taxes collected are paid to the appropriate taxing authority at the end of the quarter.
Prepare the appropriate journal entries on May 31,Year 1,and June 30,Year 1.

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The Answer of During May Year 1,Grant Park Refinery sold,on credit,1,200,000 gallons of motor fuel at $1.89 each plus Ontario sales tax of 6%.Included in the price per gallon was a $.42 federal excise tax.All taxes collected are paid to the appropriate taxing authority at the end of the quarter.
Prepare the appropriate journal entries on May 31,Year 1,and June 30,Year 1.

During May Year 1,Grant Park Refinery Sold,on Credit,1,200,000 Gallons of Motor