w.com CengageNOWV2 Online teaching and learning r... Favorites Property Taxes Payable-Annual Adjustments Instructions Chart of Accounts mm Instructions Lexington Builders owns property in Kaneland County. Lexington's 2015 property taxes amounted to $50,000. Kaneland County will send out the 2016 property tax bills to property owners during April 2017. Taxes must be paid by June 1, 2017. Assume that Lexington prepares adjusting entries only once a year, on December 31, and that property taxes for 2016 are expected to increase by 5% over those for 2015 Required: 1. Prepare the adjusting entry required to record the property taxes payable on December 31, 2016 2. Prepare the journal entry to record the payment of the 2016 property taxes on June 1, 2017