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Records its liabilities for employees'' vacations semiannuall

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Reference no: EM13872008

Assume that for the August 20 payroll, McFriend, Inc. (RE13-3) incurs the following payroll expenses: 

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Prepare the journal entry to record McFriend's August 20 payroll.

In RE13-3, McFriend, Inc., records its liabilities for employees' vacations semiannually. As of January 1, McFriend, Inc., has 50 employees (25 in administration and 25 in sales) who are paid an average of $176 per day. The company allows 15 paid vacation days per year. Prepare the journal entry for July1.

Reference no: EM13872008

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