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At December 31, Witts Corp

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At December 31, Witts Corp.reports Salaries Payable of $20,000 on its statement of financial position.The next payroll amounting to $50,000 is to be paid in January.What will be the journal entry to record the payment of salaries in January? At December 31, Witts Corp.reports Salaries Payable of $20,000 on its statement of financial position.The next payroll amounting to $50,000 is to be paid in January.What will be the journal entry to record the payment of salaries in January?

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