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Snell Industries has 7 employees. Each employee earns 4 vacation days a month.
Each employee is paid a weekly amount of $1,500 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*4 = 28; Daily Pay = 1500/5 = 300; Monthly Expense = 28*300 = 8400 Date Description Debit Credit Vacation Benefits Expense 8,400 Vacation Benefits Payable 8,400