Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day.The last payday of December is Friday, December 27.Assuming the next pay period begins on Monday,December 30,journalize the adjusting entry necessary at the end of the fiscal period December 31.
Definitions:
Lottery
A form of gambling or a game of chance where participants buy tickets for a chance to win prizes, often financial in nature.
Return
The gain or loss on an investment over a specific period, represented as a percentage of the investment’s cost.
Ordinary Annuity
An annuity where the payment or receipt occurs at the end of each period, such as bonds or leases that make consistent payments.
Interest Rate
The price paid for borrowing money, typically expressed as a percentage rate over a period of time.
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