Chavez Company’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $6,800 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 $330 cash for that week.
Chavez Company’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $6,800 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 $330 cash for that week.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.8EX: Calculate payroll An employee earns 44 per hour and 1.5 times that rate for all hours in excess of...
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QS 11-12 (Algo) Accounting for vacations LO P4
Chavez Company’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $6,800 of accrued vacation benefits for the year.
(a) Prepare the December 31 year-end
(b) Prepare the entry on April 1 of the next year when an employee takes a one-week vacation and is paid $330 cash for that week.
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