Question

Division 116.48 349.44 116.48 4.23 12.70 4.24 ****Use the following journal entry display to answer the next question Aug 08, 2022 Debits Credits 5300 Wage Expense 582.40 - Administration - Sales - Services 5310 El Expense 21.17 - Administration - Sales - Services 5320 CPP Expense 13.61 - Administration - Sales - Services 5330 WSIB Expense 17.53 - Administration - Sales - Services 5360 EHT Expense 5.49 - Administration - Sales 2.72 2.72 3.51 10.52 3.50 1.10 3.29 1.10 1080 2300 2310 2320 2330 2390 2400 - Services Bank Account: Chequing Vacation Payable EI Payable CPP Payable Income Tax Payable EHT Payable RRSP Payable United Way Payable WSIB Payable 421.37 22.40 36.29 27.22 64.90 5.49 25.00 20.00 17.53 640.20 2460 640.20 The journal entry above shows that - Select one: a. the vacation pay is retained b. the vacation pay has been paid c. the vacation pay has not been calculated O d.. the vacation pay is not allocated

Answer 1

Solution :

The journal entry above shows that "The vacation pay is retained as same is credited to vacation payable"

Hence option a is correct.