Try another version of this question Question 1
Snell Industries has 5 employees. Each employee earns 1 vacation days a month.
Each employee is paid a weekly amount of $1,800 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 = 5*1 = 5; Daily Pay = 1800/5 = 360; Monthly Expense = 5*360 = 1800 Date Description Debit Credit Vacation Benefits Expense 1,800 Vacation Benefits Payable 1,800