S On January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of...

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S On January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $900 per week. Six hundred vacation weeks earned in 2024 were not taken during 2024. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 5 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $40 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the adjusting entry for vacations earned but not taken in 2024. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry View general journal Clear entry < Required 1 Required 2 > Show less S On January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $900 per week. Six hundred vacation weeks earned in 2024 were not taken during 2024. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 5 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $40 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the adjusting entry for vacations earned but not taken in 2024. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry View general journal Clear entry < Required 1 Required 2 > Show less