1. LESSON 18-1
Buying Plant Assets and
Paying Property Tax
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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. 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
TERMS REVIEW
page 537
 real property
 personal property
 assessed value
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 18-1