E9-11 Property Taxes LO 9.3 Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1. The taxes become a lien against Ames property on May 1. The actual amount of the property taxes of $48,000 is determinable on May 1. Therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10. REQUIRED: SHOW ME HOW Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30.

LO 9.3 Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1 . The taxes become a lien against Ames property on May 1. The actual amount of the property taxes of $48,000 is determinable on May 1. Therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10. REQUIRED: Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30