Refer to the information in E3-28. Prepare journal entries to accrue the salaries in December; close salaries expense for the year; and pay the salaries in January of the following year. Assume that there is no change in the pay rate during the year, and no change in the company's work force.

Q3-28

Engel Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31 Engel accrued $ 4,700 of salaries payable. On January 9 of the following year the company paid salaries of $ 15,000 cash to employees. Prepare entries using the financial statement effects template to

(a) accrue the salaries payable on December 31; and

(b) record the salary payment nine days later on January 9.