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Last year we paid $12,000 in property taxes. Thus, our best estimate is that taxes this year will be $1000/mo. Provide entries for estimated taxes;
Last year we paid $12,000 in property taxes. Thus, our best estimate is that taxes this year will be $1000/mo. Provide entries for estimated taxes; assume that on Oct. 31 we find out that taxes will be $15,000 for the year, and we pay that amount. Assume we have been accruing Property Tax Expense each month, but have not yet accrued it for October.
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