On 5/31/21, Erickson Hundy Corp. calculates total salaries earmed by employees of $60,000 for the month...

 

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On 5/31/21, Erickson Hundy Corp. calculates total salaries earmed by employees of $60,000 for the month of May. Employees also earned $7,000 worth of paid vacation time during May, to be used in future months. The company withheld FICA taxes of $2,000 and income taxes of $14,000 during the month. FUTA taxes for May were $1.100. During the month of June, employees use all of the paid vacation days that they earned during May. What journal entry will the company record in June associated with the paid vacation days used? Please clearly distinguish your debit(s) and credit(s), as follows: Debit: [account name] [amount] Credit: [account name] [amount] On 5/31/21, Erickson Hundy Corp. calculates total salaries earmed by employees of $60,000 for the month of May. Employees also earned $7,000 worth of paid vacation time during May, to be used in future months. The company withheld FICA taxes of $2,000 and income taxes of $14,000 during the month. FUTA taxes for May were $1.100. During the month of June, employees use all of the paid vacation days that they earned during May. What journal entry will the company record in June associated with the paid vacation days used? Please clearly distinguish your debit(s) and credit(s), as follows: Debit: [account name] [amount] Credit: [account name] [amount]

Answer rating: 100% (QA)

Answer is 70100 Total compensation expense Salaries expense Va... View the full answer