For each separate case below, follow the three-step process for adjusting the accrued expense account at December 31.

Step 1: Determine what the current account balance equals.

Step 2: Determine what the current account balance should equal.

Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.

For each separate case below, follow the three-step process for adjusting the accrued expense account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year At year-end, salaries expense of $20,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expense Accumulated depreciation At its December 31 year-end, the company owes $475 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. Interest payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Depreciation expense Truck Accumulated depreciation-Equipment c. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,100 in annual interest that is neither recorded nor naid. The comnanv intends to nav the interest on Januarv 7 of the next vear