.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has been incurred by the company but is not yet par Salar 20,5 Step 1: Determine what the current account balance equals. Debitor Credit? 20,500 Debit or Credit? 20.500 Credit $ Step 2: Determine what the current account balance should equal. I $ Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Salaries expense Salaries payable Debit 20,500 20,500 Dunterest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That bo paid until sometime in January of the next year Intere Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should qual Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Interest expense Interest payable c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,125 1 that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. MacBook Air