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Requirement 1. Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases
Requirement 1. Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases affecting Tiger Corp. Include an explanation for each entry. (Record debits first, then credits. Enter explanations on the last line.)
b. Tiger pays employees each Friday. The amount of the weekly payroll is $5,500 for a five-day work week. The end of the current accounting period falls on a Wednesday.
Record the accrual for salaries at the end of the period.
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