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Accounting Question! Please help!?
Accrued vacation pay
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 $54,960.
Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
Account Debit Credit
Vacation Pay Expense
Vacation Pay Payable
2 Answers
- JoshumsLv 61 decade agoFavorite Answer
debit vacation expense 4,580
credit vacation payable (4,580)
reduce payable by actual vacation expense incurred.
- BeardoLv 71 decade ago
You have to make assupmtions.
Is it accrued evenly over the year ? (If depending on time of employment, it could be that it increases month by month).
Is january 1/12 or 31/365 ?
