Blossom Industries received its 2024 annual property tax bill for $21,300 on May 1. The...

90.2K

Verified Solution

Question

Accounting

Blossom Industries received its 2024 annual property tax bill for $21,300 on May 1. The taxes covered the period January -December, were payable by June 30 and were paid on that date. Blossom has a December 31 fiscal year end and makes annual adjusting entries.
(a)
Prepare the journal entry to record the receipt of the property tax bill on May 1.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)
\table[[Date,Account Titles and Explanation,Debit],[May 1,Credit,]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students