When accounting for property taxes,which of the following accounts normally would not be credited?
A)Prepaid Property Taxes
B)Cash
C)Estimated Property Taxes Payable
D)Property Taxes Expense

Question

Quizplus · Accepted Answer

Property Taxes Expense is the account that is used to record the actual expense of the property taxes. Prepaid Property Taxes is credited when payments for future periods are made in advance. Cash is credited when payments are made to the property tax authorities. Estimated Property Taxes Payable is credited when an estimate is made for future property taxes that will become due. However, when actual property taxes are paid, the Estimated Property Taxes Payable account is debited and the Property Taxes Expense account is credited.

When Accounting for Property Taxes,which of the Following Accounts Normally