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Dresser Company's weekly payroll, paid on Fridays, totals $6,200. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $6,200 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
The remaining partners are comfortable with the payments, however, because Alvin brought in a large percentage of the firm's clients over the years, and thus is responsible for a large part of the firm's revenues, even after he retires. How will t..
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