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The employees of XYZ, Inc., are paid each Friday. The company's fiscal year-end is December 31, which falls on a Tuesday for the current year.
The employees of XYZ, Inc., are paid each Friday. The company's fiscal year-end is December 31, which falls on a Tuesday for the current year. Salaries are earned evenly throughout the five-day work week, and $10,000 will be paid on Friday, January 2, 2022. (omit explanations) Copy the entire questions both a and b below and answer in the same format. a. Prepare the adjusting entry for December 31, 2021. Date Account Title Description Debit Credit b. Assuming that the company does not make reversing entries, what entry should be made on January 2, 2022 when the company pays its weekly payroll? (omit explanations) Date Account Title Description Debit Credit
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