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Okla Co. pays its employees $4,620 every two weeks ($330/day). The current two-week pay period ends on December 28, 2022, and employees are paid
Okla Co. pays its employees $4,620 every two weeks ($330/day). The current two-week pay period ends on December 28, 2022, and employees are paid $4,620. The next two-week pay period ends on January 11, 2023 and employees are paid $4,620. Required: 1. Record the adjusting entry on December 31, 2022. [Hint: The company pays employees every 14 days and owes 3 days of salaries at the end of the year.] 2. Calculate the 2022 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2022 is $0). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the adjusting entry on December 31, 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date December 31, 2022 General Journal Salaries Expense Salaries Payable 2 Salaries Expense Cash Required Required 2 > Debit Credit 990 990
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