McMichael Exhibits Inc. received its annual property tax bill for $26,200 in January. It was paid...
McMichael Exhibits Inc. received its annual property tax bill for $26,200 in January. It was paid when due on March 31. McMichael Exhibits year end is Dec 31. The Dec 31 balances should be
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$6,550 for Prepaid Property Tax; $19,650 for Property Tax Expense. |
|
$0 for Prepaid Property Tax; $0 for Property Tax Payable. |
|
$6,550 for Prepaid Property Tax; $6,550 for Property Tax Payable. |
|
$2,183 for Prepaid Property Tax; $24,017 for Property Tax Expense. |
Homework Answers
Amount paid on March 31 = $26,200
So, Property tax payable on December 31 = $0
Expense on Dec 31 = $26,200
Option b. is correct answer.
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McMichael Exhibits Inc. received its annual property tax bill
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