Chavez Co.s salaried employees earn four weeks vacation per year. Chavez estimated and must expense $8,000 of
Question:
Chavez Co.’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $8,000 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 $500 cash for that week.
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a Dec 31 Vacation Benefits Expense 8...View the full answer
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