Employees of Tucker Northern Ltd are paid every Friday for the 5-day working week from Monday to Friday. The weekly wages expense is $230 000 . The accounting yearend is 31 December, assuming it falls on a Thursday this year. 

Required: 

a) Prepare the adjusting entry for the year-end 

b) If no adjusting entry is made on 31 December, what will be the impact on net profit? What will the errors in the balance sheet be? 

c) What is the journal entry made on the next pay day Friday 1 January when the staff are paid?