Question: At the end of June Morton Company had a balance
At the end of June, Morton Company had a balance of $49,900 in the vacation benefits payable account. During July, employees earned an additional $3,110 in vacation benefits, but some employees used vacation days that amounted to $2,490 of the vacation benefits. The $2,490 was charged to Wage Expense when it was paid in July. What adjusting entry would Morton Company make at the end of July to bring the vacation benefits payable account up todate?
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