Lexington Builders owns property in Kaneland County. Lexington's 2011 property taxes amounted to $50,000. Kaneland County will
Question:
Lexington Builders owns property in Kaneland County. Lexington's 2011 property taxes amounted to $50,000. Kaneland County will send out the 2012 property tax bills to property owners during April 2013. Taxes must be paid by June 1, 2013. Assume that Lexington prepares adjustments only once a year, on December 31, and that property taxes for 2012 are expected to increase by 5% over those for 2011.
Required
1. Identify and analyze the adjustment to record the property taxes payable on December 31, 2012.
2. Identify and analyze the transaction to record the payment of the 2012 property taxes on June 1, 2013.
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1 The effect of the adjustment on December 31 2012 can b...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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