Accrued Liabilities

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

a$.$ TJ pays payroll of $$29,000$ 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.$)$

b$.$ TJ purchased $$140,000$ of tile on July $1$ with a note payable requiring $12\%$ 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.

c$.$ TJ$\text{'}$s 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.

Dec. $31$

$($Record accrued wages$)$

Dec. $31$

$($Record accrued interest$)$

Dec. $31$

$($Record accrued income taxes$)$