Employees earned $3,100 in salaries that will be paid next month. Date Accounts and Explanation Dec 31 Salaries expense Salaries payable Debit Credit 3100 3100 A two year insurance policy for $10.560 was purchased on November 1 of the currens year. Record the transection for the year ended Decembe Date Accounts and Explanation expense Debit Credit Desir Credit