Question - Pablo Management has eight part-time employees, each of whom earns $215 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. Assume that December 28, 2016, was a Friday, and that they were paid in full on that day. The next week, the eight employees worked only four days because New Year's Day was an unpaid holiday.
Prepare the adjusting entry that would be recorded on Monday, December 31, 2016 and Friday, January 4, 2017.