Question
Cleveland, Inc., prepares quarterly financial statements. On March 15, 2019 Cleveland, Inc., paid property taxes of $188,000 for the calendar year 2019. The journal entry
Cleveland, Inc., prepares quarterly financial statements. On March 15, 2019 Cleveland, Inc., paid property taxes of $188,000 for the calendar year 2019.
The journal entry at March 15, 2019 to record the payment of property taxes would include which of the following?
| A. | Debit Property Tax Payable $47,000 | |
| B. | Debit Prepaid property taxes $141,000 | |
| C. | Debit Property Tax expense $94,000 | |
| D. | Debit Prepaid property taxes $94,000 |
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Top Accounting And Auditing Issues For 2023
Authors: CCH Tax Law Editors
1st Edition
0808059335, 978-0808059332
