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Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 28, 2021, and employees are paid $5,600. The next two-week pay period ends on January 11, 2022, and employees are paid $5,600. Required: 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).

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Answer:      

                                                                  Debit                  Credit

Salaries expense($400*3)                       $1,200

Salaries payable                                                                  $1,200

Salaries payable balance=$0+$1,200=$1,200

Explanation:

The following adjusting entry shall be recorded by the Fighting Iris in its accounts in respect of salary expense to be recorded on December 31, 2021:

     

                                                                  Debit                  Credit

Salaries expense($400*3)                       $1,200

Salaries payable                                                                  $1,200

The balance of salaries payable as at December 31, 2021 is given as follows:

Salaries payable balance=$0+$1,200=$1,200

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