Question
On January 1, the Newman Company estimated its property tax to be $3,360 for the year,. (a) How much should the company accrue each month
On January 1, the Newman Company estimated its property tax to be $3,360 for the year,.
(a) How much should the company accrue each month for property taxes?
(b) Calculate the balance in Property Tax Payable as of August 31.
(c) Prepare the adjusting journal entry for the month of September.
DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,280 for office equipment and $8,000 for production equipment. Prepare two entries to record the deprecation.
) Accounts Receivable Cash Prepaid Property Tax Property Tax Expense Property Tax Payable 0 ) Dec. 31-Office Dec. 31-Production Accounts Payable Accumulated Depreciation - Production Equipment Cash Depreciation Expense - Production Equipment Production Equipment
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