Example of Property Tax Payable

July 31 Property Tax Expense 2,000

Estimated Property Tax Payable 2,000

To record estimated property tax

expense for the month

$24,000 / 12 months = $2,000

Nov. 30 Property Tax Expense 2,300

Estimated Property Tax Payable 2,300

To record estimated property tax

Dec. 15 Estimated Property Tax Payable 10,300

Prepaid Property Tax 14,420

Cash 24,720

Payment of property tax

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