Property Taxes The 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 the Ames Company property held on January 1, 2007. The taxes become a lien against Ames Company property on May 1, 2007. The actual amount of the property taxes of $48,000 is determinable on May 1, 2007; 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 are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2007.