During May of the current year, Grant Park Refinery sold, on credit, 1,200,000 gallons of motor fuel at $1.89 each plus Georgia sales tax of 6%. Included in the price per gallon was a $0.42 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 and June 30.
What will be an ideal response?
You might also like to view...
Which of the seven challenges/opportunities facing organizations explained in the textbook relates to critical thinking and the ability to strategize and create?
What will be an ideal response?
Teresa came up with an idea for a new product. This is an example of ______.
A. productive forgetting B. innovation C. supervisory support D. vision
Groupon built its business model on the premise that
A. businesses would be willing to post their 30-second TV advertising on a social network. B. consumers would be willing to pay for fun and exciting online video games that are playable on their smartphones and tablet devices. C. consumers would band together and try a new product or service if businesses would offer lower prices to entice them to take advantage of a daily deal offered to them. D. consumers would be receptive to online sweepstakes. E. consumers would want to "check in" and earn points and badges for visiting businesses.
Purchase allowances refer to a price reduction (allowance) granted to a buyer of defective or unacceptable merchandise.
Answer the following statement true (T) or false (F)