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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.
Net Income
The total profit or earnings of a company after all expenses and taxes have been deducted from revenues.
Accrued Interest Payable
Interest that has been incurred but not yet paid during a given accounting period, representing a liability on the balance sheet.
Interest Expense
Expenses an entity faces for using borrowed money over a specific duration.
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