Exercise 3-1 Adjusting and paying accrued wages LO P1 Pablo Management has five part-time employees, each of whom earns $105 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 Year's Day. (January 1) was an unpaid holiday 26 1. Prepare the year-end adjusting entry for wages expenses 2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4. Answer is complete but not entirely correct No Date General Journal Debit Credit December 31 Wages expense 420 Wages payable 20 2 January 04 Wages expense Wages payable -, 1260 O 420 3 Cash ,800 1 of 8 ii Next >