Concord Financial Services has its headquarters in Nanaimo, British Columbia. The City of Nanaimo assesses property taxes on June 30 annually and notifies property owners electronically. Property taxes are due to be paid by July 31. Property taxes are for the calendar year. On June 30, 2022, Concord receives its notice for its 2022 property taxes, which are due in the amount of $13,440. (a) Your answer is correct. Prepare the journal entry on June 30 when Concord receives its property tax notice. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dates Account Titles and Explanation June 30, 2022 Property Tax Payab Debit Credit 4720 SUR

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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using the following information can you answer question b)

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Concord Financial Services has its headquarters in Nanaimo, British Columbia. The City of Nanaimo assesses property taxes on June
30 annually and notifies property owners electronically, Property taxes are due to be paid by July 31. Property taxes are for the
calendar year. On June 30, 2022, Concord receives its notice for its 2022 property taxes, which are due in the amount of $13,440.
(a)
Your answer is correct.
Prepare the journal entry on June 30 when Concord receives its property tax notice. (List all debit entries before credit entries.
Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Dates Account Titles and Explanation
Property Tik Eapenis
June 30,
2022
Debit
Credit
SUPP
Transcribed Image Text:Concord Financial Services has its headquarters in Nanaimo, British Columbia. The City of Nanaimo assesses property taxes on June 30 annually and notifies property owners electronically, Property taxes are due to be paid by July 31. Property taxes are for the calendar year. On June 30, 2022, Concord receives its notice for its 2022 property taxes, which are due in the amount of $13,440. (a) Your answer is correct. Prepare the journal entry on June 30 when Concord receives its property tax notice. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dates Account Titles and Explanation Property Tik Eapenis June 30, 2022 Debit Credit SUPP
(b)
Prepare the journal entry on July 31 when Concord pays its property taxes. (List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation
July 31,
2022
Debit
Credit
Transcribed Image Text:(b) Prepare the journal entry on July 31 when Concord pays its property taxes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31, 2022 Debit Credit
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