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Casual Industries received its $2016$ annual property tax bill for $$28,800$ on May $1.$ The taxes covered the period January $-$December, were payable by June $30$ and were paid on that date. Casual has a December $31$ fiscal year end and makes annual adjusting entries.

$($a$)$

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Prepare the journal entry to record the receipt of the property tax bill on May $1.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

May $1$

Property Tax Expense