Question: 4-14 Page 147

The Hurst Corporation pays its employees every Friday for the five-day week just ended. On January 2, 2016, the company paid its employees $70,000 for the week beginning Monday, December 29.

Assuming that the employees earned wages evenly throughout the week, prepare any adjusting journal entries that were necessary on December 31, 2015.

Prepare the journal entry that would be recorded on Friday, January 2, when the wages are paid.

Complete a chart like the following.

_______________________________________________________________________

2015 2016 Total

________________________________________________________________________

Wage expense --------

Cash outflow associated with wages---------

________________________________________________________________________

What is the purpose of the adjusting journal entry on December 31?

I need a correct answer!