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Item 1

Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Years Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees wages on Friday, January 4.