LESSON 18-1
Buying Plant Assets and
Paying Property Tax

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
RECORDING THE BUYING OF A
PLANT ASSET

2
page 535

January 3, 20X1. Paid cash for a display case, $3,250.00. Check No. 4.
...
CALCULATING AND PAYING
PROPERTY TAX

3
page 536

February 1. Classic Parts, Inc., paid cash for property tax, $720.00.
Che...
4

TERMS REVIEW

page 537

 real property
 personal property
 assessed value

CENTURY 21 ACCOUNTING © 2009 South-Wester...
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Lesson 18 1

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Lesson 18 1

  1. 1. LESSON 18-1 Buying Plant Assets and Paying Property Tax CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
  2. 2. RECORDING THE BUYING OF A PLANT ASSET 2 page 535 January 3, 20X1. Paid cash for a display case, $3,250.00. Check No. 4. 1 2 4 1. Account title 2. Cost of the plant asset 3 3. Cash paid 4. Post CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1
  3. 3. CALCULATING AND PAYING PROPERTY TAX 3 page 536 February 1. Classic Parts, Inc., paid cash for property tax, $720.00. Check No. 69. Assessed Value × Tax Rate = Annual Property Tax $60,000.00 × 1.2% = $720.00 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1
  4. 4. 4 TERMS REVIEW page 537  real property  personal property  assessed value CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1

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