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On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to...

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Question

Accounting

On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.

Instructions:

1. Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.

2. Prepare the journal entry for payment of the weeks wages on the payday which is Friday, January 2 of the next year.

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