Norton Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, Norton accrued $12,400 of salaries payable. On January 7 of the following year, the company paid salaries of $30,000 cash to employees. Record the following transactions using the financial statement effects template: a. Accrual of salaries on December 31. c. Payment of salaries on January 7