At the End of Its Accounting Period, December 31, 20B

Essay

At the end of its accounting period, December 31, 20B, May Corporation owed $1,000 for property taxes which had not been recorded nor paid. Therefore, the 20B adjusting entry should be which of the following?
A) $1,000 credited to a liability account and debited to an expense account.
B) $1,000 debited to a liability account and credited to an asset account.
C) $1,000 credited to an expense account and debited to a liability account.
D) $1,000 debited to an expense account and credited to an asset account.