Annual property taxes covering the preceding 12 months are always paid to the county on June 30.
Question:
Annual property taxes covering the preceding 12 months are always paid to the county on June 30. Elise, Inc., is always assessed a $2,500 property tax by the county.
Required:
Given this information, determine the adjusting journal entry that Elise, Inc., must make on December 31 (assuming that its fiscal year ends as of December 31).
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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