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Abc. Co. has one employee who earns $500 per week and is paid every Monday for the previous week worked. December 31st is a Wednesday.

Abc. Co. has one employee who earns $500 per week and is paid every Monday for the previous week worked. December 31st is a Wednesday. Your employee works Monday-Friday.

a. Record the required adjusting entry on December 31st

b. Record the payment to the employee on Monday, January 5th

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