USE THE FOLLOWING INFORMATION FOR QUESTIONS #7-8: $ 390,000 Tax Bill for year ending 12/31/X1 Assume we will estimate our 20X2 bill based on the 20x1 bill Assume we do not know the actual 20x2 bill until it is sent on: Tax Bill for year ending 12/31/X2 Property Tax Payment due 12/31/X2 $ 420,000 2/1/X3 7. What is the journal entry that will be made every month in 20X2 for the property tax accrual? A. Debit Property Taxes Payable for $32,500 and Credit Cash for $32,500 B. Debit Property Tax Expense for $35,000 and Credit Property Taxes Payable for $35,000 C. Debit Property Taxes Payable for $35,000 and Credit Cash for $35,000 D. Debit Property Tax Expense for $32,500 and Credit Property Taxes Payable $32,500 8. What is the additional adjustment amount needed on 12/31/X2 after the 20x2 actual property tax bill is received