30. Prism Inc. received the annual property tax bill for $7,500 on March 1. It was paid on June 1 and the company's year-end is December 31. Prism requires the accountants to taxes once the tax bill is received. The journal entries to record these transactions would be record the property Debit Credit Mar-01 Property Tax Expense 1875 Property Tax Payable 1875 Property Tax Payable Property Tax Expense Prepaid Property tax Jun-01 1875 2500 3150 Cash 7500 Dec-31 Property Tax Expense 3150 Prepaid Property tax 3150 Debit Credit Mar-01 No record needed 3125 4375 Jun-01 Property Tax Expense Prepaid Property tax Cash 7500 Dec-31 Property Tax Expense 4375 Prepaid Property tax 4375