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E3-41. Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, Norton accrued $6,200 of salaries payable. On January 7 of the following year, the company paid salaries of $15,000 cash to employees. Prepare journal entries to: a. Accrue the salaries payable on December 31 ; b. Close the Salaries Expense account on December 31 (the account has a year-end balance of $275,000 after adjustments); and c. Record the salary payment on January 7 . Q3-42. Preparing Adjusting Entries (FSET) Using the information from E3-41, prepare entries for parts a and c using the financial statement effects template