Grand Strand Power & Light Provides Utilities to an East

question 168

Essay

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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Definitions:

Psychological Assessment

A comprehensive evaluation involving tests, interviews, and observations to understand an individual's psychological functioning, for diagnostic and treatment planning purposes.

Rule Out

A diagnostic process of elimination that helps in excluding conditions that do not meet the criteria for a specific diagnosis.

Diagnostic Stigma

The negative perceptions and social stigma associated with being diagnosed with a particular disease or disorder.

Clinical Setting

A healthcare environment where patients are diagnosed, treated, or counseled, such as a hospital, clinic, or private practice office.