Zoey Bella Corp

question 140

Essay

Zoey Bella Corp. has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Prepare the adjusting entry on December 31 assuming the year ends on Thursday. $$\begin{array} { | l | l | l | l | l | } \hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \\\hline & & & & \\\hline & & & & \\\hline\end{array}$$

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Definitions:

UCC Article 4A

Governs the transfer of funds through electronic means between banks, establishing a legal framework for such transactions.

Wholesale Funds Transfers

involves the large-scale movement of money, typically through electronic systems, between banking institutions or within large corporations.

Credit Transactions

Financial agreements where payment is deferred to a future date, including loans, credit card purchases, and lines of credit.

Service Charge

A fee collected for the provision of a service, often added to the cost of services in areas like hospitality, banking, and real estate.