On Friday of each week, Ozark Company pays its sales personnel weekly salaries amounting to $100,000 for a five-day work week. LO8 a Prepare the necessary adjusting entry at year-end, assuming that December 31 falls on Tuesday.

b Prepare the journal entry for payment by Ozark Company of a week’s salaries to its sales personnel on Friday, January 3, the first payday of the new year. (Assume that no reversing entry was made.)