Milford Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December

Question:

Milford pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December 31, year 1, totaled $210,000. Salaries earned by Milford's employees from January 1 through January 15, year 2, totaled $216,000.
a. Prepare the necessary adjusting entry for salaries expense on December 31, year 1.
b. Record the company's payment of salaries on January 15, year 2.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...