Use the Following Information to Answer Questions

question 63

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.
-Assuming appropriate adjusting entries were completed for the April month end, what entry should be recorded for the payment on May 1?

• A) debit prepaid property tax $21,000 and credit cash $21,000
• B) debits to prepaid property tax and property tax expense for $14,000 and $7,000, respectively and credit to cash for $21,000
• C) debits to prepaid property tax and property tax payable for $14,000 and $7,000, respectively and credit to cash $21,000
• D) debit property tax payable $15,750 and credit to cash $15,750.

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Definitions:

Sociocultural Approach

A perspective in psychology that examines how social and cultural environments influence behavior, thought processes, and emotions.

Systems Perspective

An analytical framework that views entities as part of larger, interconnected systems, emphasizing the interdependence of parts within the whole.

Psychometric Study

involves the science of measuring mental capacities and processes through various tests and assessments.

Naturalistic Observation

A research method where subjects are observed in their natural environment without any manipulation by the researcher.