Question

Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1, 2016. The taxes become a lien against Ames property on May 1, 2016. The actual amount of the property taxes of $48,000 is determinable on May 1, 2016; therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10.
Required:
Assuming that monthly accruals arc recorded, prepare all property' tax journal entries for the period May 1 to September 30, 2016.


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  • CreatedOctober 05, 2015
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