A company pays its employees $10,500 every two weeks ($750/day). The current two-week pay period ends on December 26, 2021, and employees are paid $10,500. The next two-week pay period ends on January 9, 2022, and employees will be paid $10,500.

Record the adjusting entry on December 31, 2021.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)