Silicon Chip Company’s fiscal year-end is December 31. At the end of 2024, it owed employees $42,000 in salaries that will be paid on January 7, 2025. Required: Prepare an adjusting entry to record accrued salaries, a reversing entry on January 1, 2025, and an entry to record the payment of salaries on January 7, 2025. Prepare journal entries to record the accrued salaries on December 31, 2024 and the payment of salaries on January 7, 2025, assuming a reversing entry is not recorded.

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