Preparing Adjusting and Closing Entries Across Two Periods 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, 2013, Norton accrued $4,700 of salaries payable. On January 7, 2014, the company paid salaries of $12,000 cash to employees. Prepare journal entries to: a. Accrue the salaries payable on December 31:

(b) Close the Salaries Expense account on December 31 (the account has a year-end balance of $250,000 after adjustments).

(c) Record the salary payment on January 7.