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 Salaries Expense 30,000 Salaries Payable 20,000 Cash 50,000 Salaries Expense 50,000 Salaries Payable 20,000 Cash 70,000 Salaries Expense 50,000 Cash 50,000