Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/ day). The current two-week pay period
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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, 2024, and employees are paid $5,600. The next two-week pay period ends on January 11, 2025, and employees are paid $5,600.
(1) Record the adjusting entry on December 31, 2024.
(2) Calculate the 2024 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2024 is $0).
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