Chapter 4 Property Taxes Payable

Chapter 4 Property Taxes Payable - Date DR CR Property Tax...

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Chapter 4 Page 175 Accrued Property Taxes Your Property taxes are $3,600 per year. Your next payment is due March 1 st . $300 300 300 $300 $300 $300 Sept Oct Nov Dec Jan Feb Assume you make monthly entries to record your expenses. Entry would be as follows… Date DR CR 9/31/09 Property Tax Expense 300 Property Tax Payable 300 When Paid March 1 st
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Unformatted text preview: Date DR CR 3/1/10 Property Tax Payable 1,800 Cash 1,800 If NO monthly entry , you must make Year-End adjustment… Date DR CR 12/31/09 Property Tax Expense 1,200 Property Tax Payable 1,200 When Paid March 1 st … Date DR CR 3/1/10 Property Tax Payable 1,200 Property Tax Expense 600 Cash 1,800...
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This note was uploaded on 04/27/2010 for the course ACCOUNTING 201 taught by Professor D.kanarella during the Spring '10 term at University of Toronto.

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