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Snell Industries has 7 employees. Each employee earns 1 vacation days a month.
Each employee is paid a weekly amount of $1,600 for a five-day work week.
1. Determine the amount of vacation expense for one month.
# of employees X vacation days = =
X =
weekly pay `/` 5 =
`/` 5 =
days X rate = monthly expense
X =
2. Journalize the entry to accrue the vacation expense for the month.
Date Description Debit Credit Vacation hours = 7*1 = 7; Daily Pay = 1600/5 = 320; Monthly Expense = 7*320 = 2240 Date Description Debit Credit Vacation Benefits Expense 2,240 Vacation Benefits Payable 2,240