Employees of the General Fund of Scott City earn ten days of vacation for each 12...
Employees of the General Fund of Scott City earn ten days of vacation for each 12 months of employment. The City permits employees to carry the vacation days forward as long as they wish. During the current year employees earned $800,000 of vacation benefits, of which the City estimates that $500,000 will be taken in the next year and the balance will be carried forward. Assuming that the City maintains its books and records in a manner that facilitates the preparation of its fund financial statements, which of the following entries is the correct entry in the General Fund to record the vacation pay earned during the current period?
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Debit Expenditures $800,000; Credit Vacation Pay Payable $800,000. |
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Debit Expenditures $500,000; Credit Vacation Pay Payable $500,000. |
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Debit Vacation Expense $800,000; Credit Vacation Pay Payable $800,000. |
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No entry required. |
Homework Answers
Answer : No entry required..
Explanation : Entry in the General Fund to record the vacation pay earned is recorded in the period in which they are due. Since in the given question out of $800,000 of vacation benefits, nothing is due in the current year. Thus no entry is required to make in the General Fund to record the vacation pay earned during the current period.
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