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?
Relevant QuestionsWho pays the social security taxes that are levied by the Federal Insurance Contributions Act?Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill?What procedures are usually included in a typical payroll accounting system?The biweekly taxable wages for the employees of Wee Ones Foods follow.Compute the FICA taxes for each employee and the employer's FICAtaxes.The form on page shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of ...
Post your question