Problem: On January 16, 2021, the payroll department processed payroll checks for 300 employees covering the working period from December 24, 2020 to January 08, 2021 amounting to P450,000. 1. Record the transaction on January 16, 2021: Dr. 1 Cr. 3 2 4 2. Determine the accounts of the adjusting entry for the accrual of payroll on December 31, 2020: Dr. 5 Cr. 6 3. Record the reversing entry on the accrual of payroll on January 01, 2021: Dr. 7 Cr. 9 8 10 INSTRUCTIONS: 1. Choose from the following accounts for the correct account of adjusting entries: Salaries expense Payroll payable Accrued payroll payable For the amounts of debit and credit, encode your answer in whole number without decimal places, no comma and peso sign (eg. if your answer is 4,000, encode it as 4000).