A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current years

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A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $375,000. Illustrate the effects on the accounts and financial statements of the adjustment required on January 31, the end of the first month of the current year, to record the accrued vacation pay.

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