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Question - On July 1 of the current year, a business pays $36,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocable to July is $3,200.
(1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31.
(2) What is the amount of tax expense for July?
What is the total for assets, liabilities, and equity? Accumulated Depreciation Equipment: $5,000. Accounts Receivable: $5,000.
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Journal the Entries use the lines below to complete the journal entries and Prepare the Trail Balance from the General Ledger ending balances
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