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Pierce Corp. has a December 31 year end. It received its property tax invoice of $72,000 for the calendar year on April 30. The invoice is payable on June 30. Prepare the journal entries to record the property tax on (a) April 30, (b) June 30, and (c) December 31, assuming the company adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) Date < Account Titles and Explanation Debit Credit

Pierce Corp. has a December 31 year end. It received its property tax invoice of $72,000 for the calendar year on April 30. The invoice is payable on June 30. Prepare the journal entries to record the property tax on (a) April 30, (b) June 30, and (c) December 31, assuming the company adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) Date < Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How do i record the journal entires for these transcations?

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Pierce Corp. has a December 31 year end. It received its property tax invoice of $72,000 for the calendar year on April 30. The invoice is payable on June 30. Prepare the journal entries to record the property tax on (a) April 30, (b) June 30, and (c) December 31, assuming the company adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) Date < Account Titles and Explanation Debit Credit
Transcribed Image Text:Pierce Corp. has a December 31 year end. It received its property tax invoice of $72,000 for the calendar year on April 30. The invoice is payable on June 30. Prepare the journal entries to record the property tax on (a) April 30, (b) June 30, and (c) December 31, assuming the company adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) Date < Account Titles and Explanation Debit Credit
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