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How much should company accrue each month for property taxes

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Reference no: EM131779799

Problem

On January 1, the Newman Company estimated its property tax to be $3,960 for the year.

(a) How much should the company accrue each month for property taxes?

(b) Calculate the balance in Property Tax Payable as of August 31.

(c) Prepare the adjusting journal entry for September.

Reference no: EM131779799

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