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T) Tile had the following items that require adjusting entries at the end of the year. a. T3 pays payroll of $28,700 every other Friday

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T) Tile had the following items that require adjusting entries at the end of the year. a. T3 pays payroll of $28,700 every other Friday for a 2-week period. This year the last payday is Friday, December 26. (Note: The work neek is Monday through Friday.) b. TJ purchased $120,000 of tile on July 1 with a note payable requiring 11% interest. The interest and principat on this note are due within 1 year. As of December 31 , TJ had not made any principal or interest payments. c. TJS earned income is $550,000 for the year for tax purposes. Its effective tax rate is 25%. These taxes must be paid by Apnil 15 of next year. Requiredt Prepare the adjusting foumal 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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