Madison Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During May, Madison recorded total sales of $1,000,000. An anahsis of May sales indica the following: 1. 20% of sales were subject to both a 10% excise tax and a 5% sales tax 2. 70% 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 May b. Prepare the necessary journal entry at May 31, to record the monthly payment of excise tax and sales tax to the government. a. Sales Tax Liability s Excise Tax Liability Excise Tax Liability b. Date May 31 Excise Tax Payable Sales Tax Payable Previous General Journal Description Cash To record the payment of excise and sales taxesto the government. Save Answers Debit $ Credit