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 the Property Tax Payable account as of August 31.
Prepare the adjusting journal entry for the month of September.
On January 1, the Newman Company estimated its property tax to be $2,880 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 Aug.31
C. Prepare the adjusting journal entry for September