Miford 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.) Journal entry worksheet Record the payment of salaries. Liability to Revenue (LO4-1, LO4-2, LO4-3, LO4-4, LO4-5, LO4-6, LO4-7) The Rockford Rollers, a professional roller derby team, prepares financial statements on a monthly basis. The roller derby season begins in February, but in January, the team engaged in the following transactions: 1. Paid $1,500,000 to the Sunbury Skating Rink as advance rent for use of the facilities for the 6 -month period from February 1 through July 31. This payment was initially recorded as Prepaid Rent. 2 Collected $4,900,000 cash from the sale of season tickets for the team's home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of February, the team skated several home events at which $245,000 of the season tickets sold in January were used by fans. Prepare the two adjusting entries required at the end of February. (If no entry is required for a transaction/event, select "No journol entry required" in the first account field. Round your answers to the nearest whole dollar.) 1. Record the rent expense in February. 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. o. \& 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.) Journal entry worksheet 2 Fiecord the accrued but unpaid salaries. 1 Record the rent expense in February. 2 Record the earned portion of season ticket revenue relating to home skating events in February