Blossom Industries received its 2024 annual property tax bill for $21,300 on May 1. The taxes covered the period January -December, were payable by June 30 and were paid on that date. Blossom has a December 31 fiscal year end and makes annual adjusting entries. (a) Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit May 1
Blossom Industries received its 2024 annual property tax bill for $21,300 on May 1. The taxes covered the period January -December, were payable by June 30 and were paid on that date. Blossom has a December 31 fiscal year end and makes annual adjusting entries. (a) Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit May 1
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...
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