Property tax journal entry
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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 $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31.
[DOC File]APPENDIX 14 A: INVESTMENT TAX CREDIT
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The investment tax credit (ITC) was first enacted in 1962. Since then, the provisions of the law have changed several times. As a tool of macroeconomic policy, the ITC was seen as a means of stimulating investment and, thus, fighting recession in the short run and combating inflation over the long run.
[DOC File]Chapter 17 Governmental Entities: Introduction and General ...
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Property Taxes Receivable-Current for $4,800 and Revenue- Property Tax for $5,200. 34. The general fund of Caldwell had the following operating budget for the fiscal year beginning July 1, 2009: When the general fund records its operating budget on July 1, 2009, Budgetary Fund Balance-Unreserved should be A. credited for $600,000.
[DOC File]This form is to be used as a sample or guideline only
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In describing the real property, indicate how many buildings/houses are on the Indicate value and portion. property, indicate if this is acreage/lot/vacant lot, include the property’s STREET ADDRESS, of decedent’s interest. COUNTY, STATE. It is also helpful to include the tax map number which can be obtained (Examples: 100% = $48,000
[DOC File]Ms. Stepanek's Website
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make a notation about the entry. Example: When buying property you Debit Property and credit Cash -- you need to put the name of the property you purchased in the account title column. When you pay taxes, you need to tell me what kind of taxes you are paying, etc. 3. Your opening entry for the beginning of the game that you MUST record is: Date
[DOC File]PROPERTY TAX TRANSACTIONS
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Journal entries to record current tax levy upon certification: General Fund: ACCOUNT CODE ITEM ENTRY 10 B 713 100 000 TAXES RECEIVABLE DEBIT (INCREASE) FOR TOTAL LEVY 10 B 812 *** 000 TAX LEVIES FOR OTHER FUNDS CREDIT (INCREASE) OTHER FUND AMT 10 R 500 000 211 CURRENT YEAR LEVY CREDIT (INCREASE) FOR FUND LEVY AMT 10 R 500 000 212 TAX …
[DOC File]DRAFT FISCAL POLICIES AND PROCEDURES MANUAL
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At fiscal year end, a journal entry is made which records the purchase as an asset in the equipment account in the Unrestricted fund and credits it out of the equipment purchases account and debits it out of the fund balance account in the restricted fund.
[DOC File]Chapter 1 Test Bank - CPA Diary
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Required: 1. Prepare the journal entry(s) for the admission of Egan to the partnership assuming Egan invested $400,000 for the ownership interest. Egan paid the money directly to Cesar and to Damon for 50% of each of their respective capital interests. The partnership records goodwill. 2.
[DOC File]ACCOUNTING 101
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The property value is the price on the board. The cash and the price of the five properties should equal the amount of common stock. *Journal Entry is Dr Cash for $1500 and Credit Common Stock for $1500. **Journal Entry is Dr Property/Railroads and Credit Common Stock. Use the value on the front of the card for the cost of the property. AUDIT PAGE
[DOC File]SAMPLE RECORD RETENTION POLICY
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Property Records. Tax Records. Contribution Records. Programs & Services Records. Fiscal Sponsor Project Records. ACCOUNTING AND FINANCE. Record Type Retention Period ... Permanent Journal Entry Support Data 7 years Loss Runs 10 years Releases and Settlements 25 …
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