Question 8 Answer saved Marked out of 1.00 Remove flag Angel Eyes Corporation operates on a calendar year basis. The company is in its first year of operations and received its annual property tax bill on March 31 for $21,000. The bill is due May 1. Even though the company records adjusting entries on a monthly basis, no entries related to property taxes have been recorded Assuming appropriate adjusting entries were completed for the April month end, what entry should be recorded for the payment on May 1? Select one: O debit property tax payable $15,750 and credit to cash $15,750 debit prepaid property tax $21,000 and credit cash $21,000 O debits to prepaid property tax and property tax payable for $14,000 and $7,000, respectively and credit to cash $21,000 debits to prepaid property tax and property tax expense for $14,000 and $7,000, respectively and credit to cash to $21,000