Question
Accounting for Property Taxes Fonda Company's fiscal year is the calendar year. During the month of June 2017, Fonda received a bill for 46,500 of
Accounting for Property Taxes
Fonda Company's fiscal year is the calendar year. During the month of June 2017, Fonda received a bill for 46,500 of property tax assessed that is due on July 31, 2017 for the period July 1, 2017 through June 30, 2018.
Prepare journal entries to record.
a. The payment of the property taxes in July 15, 2017
b. The adjusting entry for property taxes on December 31, 2017.
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
5th edition
978-1259728877, 1259728870, 978-1259565403
