Question: Required Information Exercise 7-8 (Algo) Other accrued liabilities-real estate taxes LO 5 [The following information applies to the questions displayed below.] Glennelle's Boutique Inc. operates

Required Information Exercise 7-8 (Algo) Other accrued liabilities-real estate taxes LO

Required Information Exercise 7-8 (Algo) Other accrued liabilities-real estate taxes LO 5 [The following information applies to the questions displayed below.] Glennelle's Boutique Inc. operates in a city in which real estate tax bills for one year are issued In May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. Exercise 7-8 (Algo) Part b - Horizontal model b-1. Use the horizontal model to show the effect of accruing 2019 taxes of $6,900 at December 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Income Statement Assets Balance Sheet Liabilities = Real estate tax expense Stockholders' Equity Net Income Revenues = Real estate tax expense Expenses - Real estate taxes payable Real estate tax expense

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