Raleigh Company billed its customers a total of $1,155,000 for the month of November. The total includes a 5% state sales tax.
Required:
a. Prepare the journal entry to record the revenue and related liabilities for the month.
b. Prepare the journal entry to record the sales tax remittance to the state.

Question

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The Answer of Raleigh Company billed its customers a total of $1,155,000 for the month of November. The total includes a 5% state sales tax.
Required:
a. Prepare the journal entry to record the revenue and related liabilities for the month.
b. Prepare the journal entry to record the sales tax remittance to the state.

Raleigh Company Billed Its Customers a Total of $1,155,000 for the Month