Business, 13.03.2020 03:36 annapittbull12
Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $1,500 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?
a. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation $1,500.
b. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
c. Debit Payroll Tax Expense $1,500: credit Payroll Taxes Payable $1.500.
d. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500
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Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $...
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