Charger Inc. had the following items that require adjusting entries at the end of the year....

Question:

Charger Inc. had the following items that require adjusting entries at the end of the year. a. Charger pays its employees $3,000 every Friday for a 5-day work week. This year December 31 falls on a Wednesday. b. Charger earned income of$720,000 for the year for tax purposes. Its effective tax rate is 35%. These taxes must be paid by April 15 of next year. C. Charger borrowed $360,000 with a note payable dated August 1. This note specifies 6%. The interest and principal are due on March 31 of the following year. d. Charger's president earns a bonus equal to 15% of income in excess of$610,000. Income for the year was \$720,000. This bonus is paid in May of the following year and any expense is charged to wages expense. Required: Prepare the adjusting journal entries to record these transactions at the end of the current year.
General Journal General Journal Instructions PAGE 1 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME ACCOUNT TITLE Adjusting Entries

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