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Fighting Irish Incorporated pays it employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 28, 2018, and employees are paid $5,600. The next two-week pay period ends on January 11, 2019, and employees are paid $5,600.

1. Record the adjusting entry on Dec. 31, 2018

2. Record the payment of salaries on Jan. 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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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91978492

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