TJ Tile had the following items that require adjusting entries at the end of the year TJ pays payroll of $31,100 every other Friday for a 2 week period This year the last payday is Friday, December 26 ( Note The work week is Monday through Friday ) TJ purchased $140,000 of tile on July 1 with a note payable requiring 10 interest The interest and principal on this note are due within 1 year As of December 31, TJ had not made any principal or interest payments TJs earned income is $520,000 for the year for tax purposes Its effective tax rate is 25 These taxes must be paid by April 15 of next year Required Prepare the adjusting journal entries to record these transactions at the end of the current year If an amount box does not require an entry, leave it blank

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Question: TJ Tile had the following items that require adjusting entries at the end of the year. TJ pays payroll of $31,100 every other Friday for

TJ Tile had the following items that require adjusting entries at the end of the year.

TJ pays payroll of $31,100 every other Friday for a 2-week period. This year the last payday is Friday, December 26. (Note: The work week is Monday through Friday.)
TJ purchased $140,000 of tile on July 1 with a note payable requiring 10% interest. The interest and principal on this note are due within 1 year. As of December 31, TJ had not made any principal or interest payments.
TJs earned income is $520,000 for the year for tax purposes. Its effective tax rate is 25%. These taxes must be paid by April 15 of next year.

Required:

Prepare the adjusting journal entries to record these transactions at the end of the current year. If an amount box does not require an entry, leave it blank.

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