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General Accounting Discussions: Adjusting Journal Entries for Prepaid Property tax

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    It says the company is required to pay in january an annual tax (on property) for the previous calendar year. The estimated amount of property tax paid up to this date from april1 to december 31 is 16,425. It says Journalize the adjusting entry to bring the account up to date. So do isue the amount already used like supplies? or what do i do? Im so confused. Thanks for any help.

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