Brief Exercise 4.7 (Static) Accruing Unpaid Salaries (LO4-5) Milford Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December 31, year 1, totaled $210,000. Salaries earned by Milford's employees from January 1 through January 15 , year 2 , totaled $216,000. a. \& b. Prepare the necessary adjusting entries for salaries expense on December 31 , year 1 and January 15 , year 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Brief Exercise 4.7 (Static) Accruing Unpaid Salaries (LO4-5) Milford Corporation pays its employees on the 15 th of each month. Accrued, but unpaid, salaries on December 31 , year 1 , totaled $210,000. Salaries earned by Milford's employees from January 1 through January 15 , year 2 , totaled $216,000. a. \& b. Prepare the necessary adjusting entries for salaries expense on December 31 , year 1 and January 15 , year 2 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)