Business, 06.04.2021 01:00, klocke2001

Piltdown Carpet had the following items that require adjusting entries at the end of the year. a. Piltdown pays payroll of $28,700 every other Friday for a two-week period. The last payday is Friday, December 20th. (Note: The work week is Monday through Friday.)
b. Piltdown purchased $100,000 of tile on March 1 with a note payable requiring 12% interest. The interest and principal on this note are due within one year. As of December 31, Piltdown had not made any principal or interest payments.
c. Piltdown's earned income is $500,000 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.

Answers: 3

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Piltdown Carpet had the following items that require adjusting entries at the end of the year. a. P...