Try another version of this question Question 1
Snell Industries has 7 employees. Each employee earns 2 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*2 = 14; Daily Pay = 1500/5 = 300; Monthly Expense = 14*300 = 4200 Date Description Debit Credit Vacation Benefits Expense 4,200 Vacation Benefits Payable 4,200