Chavez estimated and must expense $7,100 of accrued vacation benefits for the year. (a) Prepare the...
Chavez estimated and must expense $7,100 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.
Homework Answers
Journal Entries in the books of Chavez
| Amount in $ | |||
| Date | Account with Explanation | Debit | Credit |
| Dec-31 | Vacation Benefits Expense | 7100 | |
| Vacation Benefits Payable | 7100 | ||
| (To record of year end adjusting entry for accrued vacation benefits) | |||
| Apr-01 | Vacation Benefits Payable | 330 | |
| Cash | 330 | ||
| (To record cash paid to employee for one week vacation) |
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Chavez estimated and must expense $7,100 of accrued vacation
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Need this done asap. Thanks in advance!
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