Blackstock Company has a weekly payroll of $18,375 and grants two weeks' vacation after one year's...

 

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Blackstock Company has a weekly payroll of $18,375 and grants two weeks' vacation after one year's employment, which amounts to 4% of annual pay. Based on past turnover rates, the employer estimates that 80 percent of employees actually will be granted vacation time. Prepare a general journal entry to record the estimated vacation pay resulting from the weekly payroll. Blackstock Company has a weekly payroll of $18,375 and grants two weeks' vacation after one year's employment, which amounts to 4% of annual pay. Based on past turnover rates, the employer estimates that 80 percent of employees actually will be granted vacation time. Prepare a general journal entry to record the estimated vacation pay resulting from the weekly payroll.

Answer rating: 100% (QA)

Part B Date Q28 Item 1 Account Titles and Explanation Salaries and wages Expens... View the full answer