ABC Commerce Corp.'s weekly payroll totals $20,000 and is paid every two weeks. The final payroll for the year was for the week ended December 24. ABC pays full payroll during the holiday season. The next payroll was paid on January 7. To prepare for year end, employees were expected to return to work on December 28. Prepare ABC's adjusting entry on December 31, and the journal entry to record the $40,000 cash payment on January 7.
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