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).
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 3MCQ
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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).
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