! Required information Exercise 7-8 (Static) 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 (Static) Part b - Journal entry b-2. Record the journal entry to show the effect of accruing 2019 taxes of $44,800 at December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the accrual of real estate taxes for the year. Note: Enter debits before credits. General Journal Debit Credit Event 1 Required information Exercise 7-8 (Static) 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 (Static) Part c. Journal entry c-2. Assume that the actual tax bill, received in May 2020, was for $47,600. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment of the real estate taxes accrued. Note: Enter debits before credits. Event General Journal Debit Credit 1 ! Required information Exercise 7-8 (Static) 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 (Static) Part d d. Determine the income statement and balance sheet effects of not accruing 2019 taxes at December 31, 2019 (assuming that taxes in b are not accrued). Current liabilities at December 31, 2019 will be by overstated understated Expenses for December 31, 2019 will be by