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The east bay restaurant had the following transactions related to its property taxes: a. An estimated tax of $2,500 for the mouth of january. b.
The east bay restaurant had the following transactions related to its property taxes:
a. An estimated tax of $2,500 for the mouth of january.
b. An adjustment on december 31 for an actual tax bill of $38,000 for the year.
c. Payment of the bill on february 15 of the following year.
Required:
Record the journal entries for these transactions.
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