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Tawanna
ANSWERS: 1
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In cash basis accounting, the year during which you actually paid the property taxes is the year in which the expense is recorded. In accrual basis accounting, the year for which you are paying property taxes is the year in which the expense is recorded. For example, if you paid 2008's property taxes on January 15, 2009, you would record the expense in 2009 for cash basis accounting and in 2008 for accrual basis accounting. Hope this helps!
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