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On Friday of each week, Vaughn Company pays its factory personnel weekly wages amounting to $47,040 for a five-day work week. Prepare the necessary adjusting

On Friday of each week, Vaughn Company pays its factory personnel weekly wages amounting to $47,040 for a five-day work week. Prepare the necessary adjusting entry at year end, assuming December 31 falls on Thursday. Prepare the journal entry for payment of the week's wages on the payday which is Friday, January 1 of the next year

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