Easy Exam Inc., (EEI) operates in Lehigh County, PA. EEl's acco ccounting period runs from January 1 to December 31 each year, but the County's fiscal year begins on August 1 each year. Therefore, property taxes become a lien against EEl's administrative building on August 1 each year. The company accrues estimated property tax expense each month, beginning the month property taxes become a lien. For the County's fiscal year 2020 (i.e., August 1, 2019 to July 31, 2020) EEl estimated its property taxes to be $360,000. On January 1, 2020, EEl received the 2020 fiscal year property tax bill in the amount of $330,000, and made payment on the same date. Assume there is no other property tax for EEI in 2019. How much will EEl record as property tax expense in the 2019 income statement? Choose... What is the balance sheet effect of the 2020 fiscal year property tax accrual on EEI's 2019 financial statements? Choose... EEI will record the cumulative effect of the 2020 fiscal year property tax accrual on EEl's 2019 income statement as Choose... EEI will record the effect of the 2020 fiscal year property tax accrual on EEl's 2019 balance sheet as Choose... What adjusting entry would EEl record on January 1, 2020 when EEl makes the tax payments? Choose... What journal entry would EEl make to record property tax expense for the month of March, 2020? Choose... Easy Exam Inc., (EEI) operates in Lehigh County, PA. EEl's acco ccounting period runs from January 1 to December 31 each year, but the County's fiscal year begins on August 1 each year. Therefore, property taxes become a lien against EEl's administrative building on August 1 each year. The company accrues estimated property tax expense each month, beginning the month property taxes become a lien. For the County's fiscal year 2020 (i.e., August 1, 2019 to July 31, 2020) EEl estimated its property taxes to be $360,000. On January 1, 2020, EEl received the 2020 fiscal year property tax bill in the amount of $330,000, and made payment on the same date. Assume there is no other property tax for EEI in 2019. How much will EEl record as property tax expense in the 2019 income statement? Choose... What is the balance sheet effect of the 2020 fiscal year property tax accrual on EEI's 2019 financial statements? Choose... EEI will record the cumulative effect of the 2020 fiscal year property tax accrual on EEl's 2019 income statement as Choose... EEI will record the effect of the 2020 fiscal year property tax accrual on EEl's 2019 balance sheet as Choose... What adjusting entry would EEl record on January 1, 2020 when EEl makes the tax payments? Choose... What journal entry would EEl make to record property tax expense for the month of March, 2020? Choose
