At December 31, Witts Corp. reports Salaries Payable of $20,000 on its statement of financial position. The next payroll amounting to $50,000 is to be paid in January. What will be the journal entry to record the payment of salaries in January? Salaries Expense 50,000 Salaries Payable 20,000 Cash 30,000 O Salaries Expense 50,000 Salaries Payable 20,000 Cash 70,000 Salaries Expense 30,000 Salaries Payable 20,000 Cash 50,000 Salaries Expense 50,000 Cash 50,000