Question

Record the adjusting entry for salaries payable (LO3-3) Fighting Irish Incorporated pays its employees $3,220 every two weeks ($230/day). The current two-week pay period ends on December 28, 2021, and employees are paid $3,220. The next two-week pay period ends on January 11, 2022, and employees are paid $3,220. Required: 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).

Answer 1

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

1

Db Salaries expenses____________________ 690

Cr Salaries payable_______________________ 690

Step-by-step explanation:

Pays 3220 Two Weeks

Pays 230 Daily

Dates Expense Payable

December 29 230

December 30 230

December 31 230

Janaury 1 230

Janaury 2 230

Janaury 3 230

Janaury 4 230

Janaury 5 230

Janaury 6 230

Janaury 7 230

Janaury 8 230

Janaury 9 230

Janaury 10 230

Janaury 11 230

690 2530

1

Db Salaries expenses____________________ 690

Cr Salaries payable_______________________ 690