Exercise 4-18 Concord Company pays salaries of $11,320 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Concord's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Concord pays the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31 Jan. 6 Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1 reversing entry, and the entry on Monday, January 6, when Concord pays the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work