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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