Exercise 237 On Friday of each week, Knife Company pays its factory personnel weekly wages amounting to $48,000 for a five-day work week. Prepare the necessary adjusting entry at year end, assuming December 31 falls on Thursday. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Prepare the journal entry for payment of the week's wages on the payday which is Friday January 1 of the next year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and ExplanationDebit Credit Jan. 2