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).
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).
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).
Transcribed Image Text: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
Transcribed Image Text: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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