On January 1, the Newman Company estimated its property tax to be $5,100 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
(a) $425 ($5,100/12)
(b) $3,400 ($425 × 8)
(c) Property Tax Expense 425
Property Tax Payable 425
Record property tax accrual for September.
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