Lassoo Engineering Ltd. has a December 31 year-end. The company incurred property taxes of $10,000 for 2022. At year-end the company paid $7,500 to the municipal government for 2022 property taxes. Required: Prepare the journal entries at December 31 to record property tax expense for 2022 and the payment of 2022 property taxes. (1) 2022 (Record property tax liability) (2) 2022 (Record property tax payment)
Lassoo Engineering Ltd. has a December 31 year-end. The company incurred property taxes of $10,000 for 2022. At year-end the company paid $7,500 to the municipal government for 2022 property taxes. Required: Prepare the journal entries at December 31 to record property tax expense for 2022 and the payment of 2022 property taxes. (1) 2022 (Record property tax liability) (2) 2022 (Record property tax payment)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lassoo Engineering Ltd. has a December 31 year-end. The company incurred property taxes of $10,000 for 2022. At year-end the company paid $7,500 to the municipal government for 2022 property taxes.
Required:
Prepare the
| (1) 2022 |
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| (Record property tax liability) | |||
| (2) 2022 |
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| (Record property tax payment) |
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