Homework Answers
a. monthly accrued expense = $4,440/12 = $370
b. Property tax payable at the end of august ($370*8months) = $2,960
c. Property tax expense $370
property tax payable $370
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On January 1, the Newman Company estimated its property tax to be $4,440 for the year....
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Calculator On January 1, the Newman Company estimated its property tax to be $1,800 for the year. a. How much should the company accrue each month for property taxes? b. Calculate the balance in Property Tax Payable as of August 31. c. Prepare the adjusting journal entry for September. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Prepaid Property Tax Property Tax Expense Property Tax Payable
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Part 1:
Part 2:
Part 3:
Part 4:Part 5:
Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 4,680 Bal. 138,250 Determine the amount of wages paid during the month. Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is...
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