1. Adjusting Entries and Future Payment. 10 points For each transaction, present both the December 31, adjusting entry and the subsequent transaction for future payment. a. The company has four employees. Each employee earns $500 for each workday. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31, 2016, is a Monday, and all four employees worked the first day of that week. They will be paid salaries for five full days on Monday, January 7, 2017. b. A$1,200,000 note payable requires 12% annual interest, to be paid at the 20th day of each month. The interest was last paid on December 21, and the next payment is due on January 20