Bramble Corporation operates on a calendar year basis. The company is in its first year of operations and received its annual property tax bill on March'31 for $20800. The bill is due May 1. Even though the company records adjusting entries ona monthly basis; no entries related to property taxes have been recorded. The Match 31 entry to record property tax should be debits to prepaid property tax and property tax expense for $15600 and $5200. respectively and credit to property tax paryable for $20800. debits to prepaid property tax and property tax expense for $15000 and 55200 , respectively and credits to property tax payable and cash for $15600 and $5200, respectively. debit property tax expense $20800 and credit property tax payable $20800. debit property tax expense $5200 and credit property tax payable $5200