Use the Following Information to Answer Questions

question 81

Multiple Choice

Use the following information to answer questions
Angel Eyes Corporation operates on a calendar year basis.The company is in its first year of operations and received its annual property tax bill on March 31 for $21,000.The bill is due May 1.Even though the company records adjusting entries on a monthly basis, no entries related to property taxes have been recorded.
-The March 31 entry to record property tax should be

• A)debit property tax expense $5,250 and credit property tax payable $5,250.
• B)debit property tax expense $21,000 and credit property tax payable $21,000.
• C)debits to prepaid property tax and property tax expense for $15,750 and $5,250, respectively and credits to property tax payable and cash for $15,750 and $5,250, respectively.
• D)debits to prepaid property tax and property tax expense for $15,750 and $5,250, respectively and credit to property tax payable for $21,000.

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Definitions:

Late-Onset Alcohol Abusers

Individuals who begin exhibiting problematic drinking behaviors later in life, often as a response to life stressors or changes.

Problem Drinkers

Individuals who consume alcohol in ways that create physical, social, or emotional problems but may not meet the criteria for alcohol dependence.

Substance Abuse

The excessive use of substances, especially alcohol or drugs, leading to clinical and functional impairments, such as health problems and disability.

Blacks Out

Losing consciousness or memory for a period of time, often due to excessive alcohol consumption or medical conditions.