Solution-Make the journal entry necessary at the end of year

Make the journal entry necessary at the end of year

Reference no: EM13553649

Compensated Absences

During Year 1 (the first year of the company's existence), employees of the company earned vacation days as follows:

	Average Wage	Vacation Days	Vacation Days
Employee	per Day	Earned This Year	Taken This Year
1	$160	10	10
2	200	15	10
3	250	20	5

(1) Make the journal entry necessary at the end of Year 1 to record the unused vacation days earned during the year and (2) make the journal entry necessary in Year 2 to record the use of all of these vacation days. Assume that all employees received a 10% pay raise in Year 2.

Reference no: EM13553649

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Make the journal entry necessary at the end of year

Reference no: EM13553649

Reference no: EM13553649

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