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What is the entry to record payment on may

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Problem 1: ERNEST acquired a piece of land on April 1, 2001. The purchase price was reduced by a credit for the real property taxes accrued during the year. ERNEST ecords real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate. On May 1,2001 ERNEST paid the first of two equal installments P720,000 for real property taxes. What is the entry to record payment on May 1?

Reference no: EM132969778

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