Garza Pipeline Company operates a storage field in far west Texas where it owns and stores gas to facilitate balancing of its pipeline system. Garza’s current average cost of gas activity for the month is $1.60 per MMBtu. Garza uses the inventory method for recording system gas activity. During August 2009, Garza injected 300,000 MMBtu and withdrew 40,000 MMBtu.

REQUIRED:

Give the entries to record the injection and withdrawal of gas.