Question
Sellers Greg and Joyces real estate taxes for the year are $1850. The closing is set for May 12. Using the 365-day method, and the
Sellers Greg and Joyces real estate taxes for the year are $1850. The closing is set for May 12. Using the 365-day method, and the seller paying for the day of closing, which statement is true?
Credit the seller $1,850; debit the buyer $1,850
Credit the seller $668.98; debit the buyer $668.98
Credit the buyer $1,054.14; debit the seller $1,054.14
Credit the buyer $668.98; debit the seller $668.98
Please explain answer !!!
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Financial Accounting The Impact On Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
2nd Edition
0030270995, 978-0030270994
