/sci/ - Science & Math

whoever turned this into a thread about grammar needs to gtfo immediately

I don't know where to ask this, but I need some fuckin accounting help. I'm about to an hero myself because I've came up with every answer there is and it's still not right
Northwest Financial Services was organized on April 1 of the current year. On April 2, Northwest prepaid $4,500 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. Northwest is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (April 1 to December 31) is $21,375.

a. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year.
what is the balance for the city tax? and how the hell did you get that answer?