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I please refer to red highlighted areas above, can you assist with what the correct dates and amount should be? Family Practice Associates has an
I
please refer to red highlighted areas above, can you assist with what the correct dates and amount should be?
Family Practice Associates has an estimated property tax liability of $7,200 assessed as of January 1, Year 1, for the year May 1, Year 1, to April 30, Year 2. The property tax is paid on September 1, Year 1. The property tax becomes a lien against the property on May 1.
Required:
1. | Prepare the necessary monthly journal entries to record the preceding information for the period from May 1 to September 30, Year 1 (assuming actual taxes are the same as estimated). |
General Journal
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