Question - The annual property tax bill of $15,000 for the calendar year is due on August 15. An accrual has been made each month for $1,000. The balance in the accrued property tax account as of July 31 is $7,000.(need Entries for this)
What entry should be recorded in August to reflect the payment of the bill?
What entries should be made in September?
What should the accrued property tax balance be at December 31?