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A company has 20 employees who each earn $500 per week for a 5-day week that begins on Monday. December 31 of Year 1 is a Monday, and all 20 employees worked that day.

(a) Prepare the required adjusting journal entry to record accrued salaries on December 31, 2004.

(b) Prepare the journal entry to record the payment of salaries on January 4, 2005.

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Category:- Accounting Basics
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