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)