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Chavez Company's salaried employees earn four weeks' vacation per year. Chavez estimated and must expense $7,500 of accrued vacation benefits for the year. (a)

 

Chavez Company's salaried employees earn four weeks' vacation per year. Chavez estimated and must expense $7,500 of accrued vacation benefits for the year. (a) Prepare the December 31 year-end adjusting entry for accrued vacation benefits. (b) Prepare the entry on April 1 of the next year when an employee takes a one-week vacation and is paid $570 cash for that week. View transaction list Journal entry worksheet A B Record the vacation benefits accrued. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal

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