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need answer Pierce Corp. has a December 31 year end. It received its property tax invoice of $24,000 for the calendar year on April 30
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Pierce Corp. has a December 31 year end. It received its property tax invoice of $24,000 for the calendar year on April 30 . The invoice is payable on June 30. Prepare the journal entries to record the property tax on (a) April 30. (b) June 30, and (c) December 31 . assuming the company adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, eg. 5.275.) Identify which of the following items would be classified as a current liability and which would be classified as a non-current liability. (a) A bank loan payable due in two years, with principal due at maturity and interest due the first of each month (b) Cash received in advance by Air Canada for airline tickets on flights leaving next month (c) HST collected on sales (d) Unused amount of operating line of credit (e) Provision relating to a lawsuit settlement expected to be paid next month (f) Lease liability with a term ending in three years (g) Bonds payable, due in 10 years (h) Payroll deductions withheld from the employees' weekly pay Lease liability with a term ending in three years Bonds payable, due in 10 years Payroll deductions withheld from the employees' weekly pay Prepaid property tax A $75,000 mortgage payable, of which $5,000 is due in the next year An uncertain liability, the outcome of which is considered to be remote Amounts collected from gift card sales that have not been redeemed by customers Refund liability for products sold to customers but estimated to be returned soon Step by Step Solution
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