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Pablo Management has three part-time employees, each of whom earns $130 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. Assume that December 28, 2015, was a Friday, and that they were paid in full on that day. The next week, the three employees worked only four days because New Year’s Day was an unpaid holiday.

Prepare the adjusting entry that would be recorded on Monday, December 31, 2015 and Friday, January 4, 2016.

Journal Entry Worksheet

Record adjusting entry on Monday, December 31, 2015.

Record payment of the employees' wages on Friday, January 4, 2016.

Transaction

General Journal

Debit

Credit

Record payment of the employees' wages on Friday, January 4, 2016.

Transaction

General Journal

Debit

Credit

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91585760

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