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The following are selected unadjusted account balances as at December 31, the year end of Joseph's Law Firm: Accounts receivable $50,600 Prepaid insurance Salaries payable Service revenue Insurance expense 12,600 -0- 456,000 8,200 Service revenue Insurance expense 456,000 8,200 Time left 1:02:49 Salaries expense 115,000 INFORMATION FOR ADJUSTING ENTRY Additional information obtained from a review of the law firm's records show salaries are paid monthly on the 15th of each month. The salaries earned by employees from December 16 to 31 total $5,000. The company paid employees $4,200 of the amount earned on the last payday. Required Prepare the December 31 adjusting entry required for this item provided above. Prepare the reversing entry required for January 1.