Annual property taxes covering the preceding 12 months are always paid on June 30. Elise, Inc., is always assessed a $2,450 property tax. Hide 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). Dec. 31 Property Tax Payable 2,450 Property Tax Payable 0 (Record accrued property taxes)