Funz Corporation gives three weeks paid vacation to each employee who has worked at the company for
Question:
1. Assume that Funz’s July payroll is $300,000, of which $20,000 is paid to employees on vacation. Figure the estimated employee vacation benefit for the month. (Round to the nearest thousandth.)
2. Prepare a journal entry to record the employee benefit for July.
3. Prepare a journal entry to record the pay to employees on vacation.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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