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Snell Industries has 8 employees. Each employee earns 3 vacation days a month.
Each employee is paid a weekly amount of $1,700 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 = 8*3 = 24; Daily Pay = 1700/5 = 340; Monthly Expense = 24*340 = 8160 Date Description Debit Credit Vacation Benefits Expense 8,160 Vacation Benefits Payable 8,160