Fighting Irish Incorporated pays its employees $2,940 every two weeks ($210/day). The current two-week pay period ends on December 28, 2021, and employees are paid $2,940. The next two-week pay period ends on January 11, 2022, and employees are paid $2,940. Record the adjusting entry on December 31, 2021.Calculate the 2021 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is $0). Journal entry worksheet1<>Record the adjusting entry on December 31, 2021.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31,2021Record entryClear entryView general journal Required 1Required 2Calculate the 2021 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable beforeadjustment in 2021 is $0).Ending balance

The expenses which are due but would be paid later are treated as outstanding expenses.

Answered: Fighting Irish Incorporated pays its…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fighting Irish Incorporated pays its employees $2,940 every two weeks ($210/day). The current two-week pay period ends on December 28, 2021, and employees are paid $2,940. The next two-week pay period ends on January 11, 2022, and employees are paid $2,940.

Record the adjusting entry on December 31, 2021.
Calculate the 2021 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is $0).

Journal entry worksheet
1
<>
Record the adjusting entry on December 31, 2021.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31,
2021
Record entry
Clear entry
View general journal

Required 1
Required 2
Calculate the 2021 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before
adjustment in 2021 is $0).
Ending balance

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