(Solved by Humans)-Problem 8-50A SALES TAX Clinton Power provides electricity to a wide area of western Kentucky....

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Problem 8-50A SALES TAX Clinton Power provides electricity to a wide area of western Kentucky. During October 2011 it billed 1,000 of its residential customers located in the town of Heyworth a total of $131,000 for electricity. In addition Clinton Power is required to collect the following taxes: a.      Meter Charge: A flat rate of $4.50 per customer remitted to the local municipality (Heyworth) to maintain and read the customer’s meter b.     Public Benefit Charge: A State of Kentucky mandated charge of $1.25 per customer for investing in energy efficiency, renewable energy, and low-income assistance programs c.      State Tax: A tax of 1 percent used to fund the Kentucky Energy Commission d.     Federal Excise Tax: A tax of 0.05 percent used to fund the Federal Energy Commis- sion   Required: 1.     Determine how much Clinton Power will bill these 1,000 customers in total for the month of October 2011. 2.     Provide the entry to record the billing of these amounts. 3.     Provide the entry to record the collection of these amounts. 4.     Provide the entry to record the payment of the sales taxes to the appropriate govern- mental unit.