Fighting Irish Incorporated pays its employees $2,940 every two weeks ($210/day). The current two-week pay period ends on December 28, 2018, and employees are paid $2,940. The next two-week pay period ends on January 11, 2019, and employees are paid $2,940.
1. Record the adjusting entry on December 31, 2018.
2. Record the payment of salaries on January 11, 2019.
3. Calculate the 2018 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2018 is $0).
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