Midterm Ch$1-5$

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On January $1,$ Newman Company estimated its property tax to be $$1,920$ for the year.

a$.$ How much should the company accrue each month for property taxes?

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b$.$ Compute the balance in Property Tax Payable as of August $31.$

c$.$ Journalize the adjusting journal entry for September. If an amount box does not require an entry, leave it blank.

Property Tax Expense

Property Tax Payable