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Question: accounting question help?

Terrific Accounting Company receives its annual property tax bill for the calendar year on May 1 1, 2009. The bill is for $32,000 and payable on June 30, 2009. Terrific paid the bill on June 30, 2009. The company prepares quarterly financial statements and had initially estimated that its 2009 property taxes would be $30,000.

Instructions
Prepare all the required journal entries for 2009 related to the property taxes.

Answer: I presume calendar year means Jan to Dec 2009. Since the company prepares quarterly financial statements and had initially estimated that its 2009 property taxes would be $30,000, it would have passed this entry:
March 31st
Dr Property taxes expense $7,500
Cr Property taxes payable $7,500
(to accrue for estimated 1st qtr taxes)

Then it rec'd the bill on May 11th, and found out that the actual amount is $32,000.
May 11th
Dr Property taxes expense $500
Cr Property taxes payable $500
(to take up under-accrual of taxes)

June 30th
Dr Prepaid property taxes $16,000
Dr Property taxes expense $8,000
Dr Property taxes payable $8,000
Cr Cash $32,000
(being payment of taxes)

Sept 30th
Dr Property taxes expense $8,000
Cr Prepaid property taxes $8,000
(to reverse prepayment to expense)

Dec 31st
Dr Property taxes expense $8,000
Cr Prepaid property taxes $8,000
(to reverse prepayment to expense)

A look back at 2009 in Sanger From the pages of the Sanger Herald

The city manager’s annual salary and perks of $157,005 is five times higher than the private sector annual wage in Sanger of $31,148, according to the Department of Labor, 3rd quarter, 2007 statistics.

Southern Avenue slated for improvement

Question: I just finished with income tax preparations..where can I find a tax professional software to start a bussines?

I just finished my income tax school. I want to start my own business. Where can I find a good tax professional software for my business?

Answer: turbo tax professional that you can purchase online is a great start it lets you do a minimum of 50 taxes. i believe it runs around $600.00 or more. it's called pro series,

Getting the most from tax software

Don't want to spend hours on your return? Tax-preparation software may be the answer.

calculate sales tax, Sales Tax Preparation Software, accounting