The following T accounts reflect a partial list of general ledger account balances for C & M Company after recording the payroll register for the pay period ending March 3, 201X. It is now March 5, 201X, and Mr. Carol, the company owner, needs to transfer money from the regular account to the payroll account so that the paychecks can be released. Mr. Carol wants to maintain a minimum of $1,250.00 in the payroll account. (Click the icon to view the T accounts.) Read the requirements. Data table Cash Regular Checking 8,850.00 Cash Payroll Checking 1,250.00 Salarie & Wages Payable 3,215.00 Requirements 1. Journalize the necessary entry to transfer the funds from the regular checking account to the payroll checking account. 2. Journalize the entry needed to reflect the release and payment of the paychecks. 3. Post entries 1 and 2 into the T accounts and compute the balance of each account after posting.