Grand Strand Power & Light provides utilities to an east coast community.On November 30,Year 1,the utility billed 1,500 residential customers a total of $118,500 for electricity.In addition,the company is required to collect provincial taxes of 1.5% and federal excise taxes of 0.95%.Both of these taxes are used to fund the energy commission.
A) What total amount should be billed to customers for November Year 1 ?
B) Provide the journal entry to record the November billings.
C) Record the remittance of the taxes to the appropriate governmental units on December 31. Year 1.
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