Lexington Builders owns property in Kaneland County. Lexington's 2016 property taxes amounted to $50,000. Kaneland County will
Question:
Lexington Builders owns property in Kaneland County. Lexington's 2016 property taxes amounted to $50,000. Kaneland County will send out the 2017 property tax bills to property owners during April 2018. Taxes must be paid by June 1, 2018. Assume that Lexington prepares adjustments only once a year, on December 31, and that property taxes for 2017 are expected to increase by 5% over those for 2016.
Required
1. Identify and analyze the adjustment to record the property taxes payable on December 31, 2017.
2. Identify and analyze the transaction to record the payment of the 2017 property taxes on June 1, 2018?
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1 The effect of the adjustment on December 31 2017 c...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
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