Debit Salaries & Wages Payable Jan 1 Balance Jan 31 Balance Credit 2,500 6,500 Salaries & Wages Expense Jan 31 Balance 12,000 The company records adjusting entries at the end of each month. During the month of January, Salaries for work by employees completed during month of January were paid, totaling $5,000. The journal entry debited Salaries & Wages Expense. Step 1: Post the given account balances to T-accounts (you MUST include T-accounts in the work you will hand in). Step 2: How does the transaction described above affect the accounts? Post to the T-accounts. Step 3: What is the missing transaction (NOT the $5,000 entry described above) that explains the change in the balance of Salaries & Wages Expense? Answer below with a journal entry, and post this journal entry to the T-accounts. Account Debit Credit Step 4: What is the missing transaction that explains the change in the balance of Salaries & Wages Payable? Answer below with a journal entry. Account Debit Credit