Sheffield Corporation operates on a calendar year basis. The company is in its first year of operations and received its annual property tax bill on March 31 for $21100. The bill is due May 1. Even though the company records adjusting entries on a monthly basis, no entries related to property taxes have been recorded. The March 31 entry to record property tax should be debits to prepaid property tax and property tax expense for $15825 and $5275, respectively and credits to property tax payable and cash for $15825 and $5275, respectively. debit property tax expense $21100 and credit property tax payable $21100. debits to prepaid property tax and property tax expense for $15825 and $5275, respectively and credit to property tax payable for $21100. debit property tax expense $5275 and credit property tax payable $5275.

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