JRX company has a December 31 fiscal year end. It received a $4,600 property tax bill from the municipality on March 31. The bill is payable on June 30. Assuming entries have been done correctly in March and June, what is the amount of property tax that should be debited to Property Tax Expense on December 31? Enter you answer as a whole number without dollar signs or commas

JRX company has a December 31 fiscal year end. It received a $4,600 property tax bill from the municipality on March 31. The bill is payable on June 30. Assuming entries have been done correctly in March and June, what is the amount of property tax that should be debited to Property Tax Expense on December 31? Enter you answer as a whole number without dollar signs or commas

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 16GI

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Use the following information for Problems 30 and 31.On March 15, Calloway, Inc., paid property taxes of $480,000 for the calendar year.The journal entry at March 15 to record the payment of property taxes would include which of the following?a. A debit to Property Tax Expense of $480,000.b. A credit to Cash of $120,000.c. A debit to Prepaid Property Taxes of $360,000.d. A credit to Prepaid Property Taxes of $40,000.
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