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Reagan is required to collect the following taxes: a. State Excise Tax: A...

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Accounting

Reagan is required to collect the following taxes:
a. State Excise Tax: A tax of $3.00 per customer plus 2% of billing used to fund the Kentucky Energy Commission
b. Federal Excise Tax: A tax of $0.50 per customer plus 0.1% of billing used to fund the Federal Energy Commission
Required:
When required, round your answers to two decimal places.
Determine how much Reagan will bill these customers in total for the month of May.
s
Prepare the entry to record the billing of these amounts. If an amount box does not require an entry, leave it blank.
\table[[Accounts Receivable,],[Sales Revenue,],[Excise Taxes Payable (State),],[Excise Taxes Payable (Federal),]]
Prepare the entry to record the collection of these amounts. If an amount box does not require an entry, leave it blank.
C
Accounts Receivable
(Record collection of receivables)
Prepare the entry to record the payment of the state excise taxes to the appropriate governmental unit. If an amount box does not require an entry, leave it blank. Excise Taxes Payable (State)
(Record payment)
image

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