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

question 33

Essay

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.

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Definitions:

Classical Conditioning

A pedagogical strategy that involves pairing two stimuli together repeatedly; a reaction, once caused by the second stimulus, eventually is caused by the first stimulus only.

Cognitive Perspective

The Cognitive Perspective is a psychological approach that emphasizes mental processes, such as perception, memory, and problem-solving, as fundamental to understanding behavior.

Classical Conditioning

A learning process where a neutral stimulus becomes associated with a meaningful stimulus and acquires the capacity to elicit similar responses.

Rescorla

Robert Rescorla, a psychologist best known for his work with Allan Wagner on the Rescorla-Wagner model of classical conditioning, focusing on the predictability of the unconditioned stimulus.