Protonix Corp has a payroll of $8,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. The adjusting entry on December 31, 2015 assuming the year ends on Thursday would be:
Definitions:
Security Interest
A legal claim or lien on collateral, ensuring an entity or individual (the secured party) to collect on a debt or obligation.
Collateral
An asset offered by a borrower to secure a loan, which the lender can seize if the borrower fails to repay the debt.
Farm Products
Goods that are produced through agriculture, such as crops, livestock, and the products derived from them.
Documents of Title
Legal documents that provide proof of a person's rights to control the disposition of goods or property, such as bills of lading or warehouse receipts.
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