On Friday of each week Knife Company pays its factory personnel weekly wages amounting to $48000 for a five-day work week.
Instructions
(a) Prepare the necessary adjusting entry at year end assuming December 31 falls on Thursday.
(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday January 1 of the next year.

Question

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The Answer of On Friday of each week Knife Company pays its factory personnel weekly wages amounting to $48000 for a five-day work week.
Instructions
(a) Prepare the necessary adjusting entry at year end assuming December 31 falls on Thursday.
(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday January 1 of the next year.

On Friday of Each Week Knife Company Pays Its Factory