Excise and Sales Tax Calculations Fullerton Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During June, Fullerton recorded total sales of $700,000 sales indicated the following 1. Thirty percent of sales were subject to both a ten percent excise tax and a six percent sales tax. 2. Fifty percent 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. Sales Tax Liability 50 Excise Tax Liability 50 * x General Journal Description Debit Terord e nt of cand sales to the government