Cengageow i Osine seeching and learning reaource trom Cengage Leaning ignment: C

Question

Cengageow i Osine seeching and learning reaource trom Cengage Leaning ignment: Chapter 10 Assignment Auupnent Score: 83.73% stions ZExercive 10-06 Check My Work Exercise 10- Vacation Pay Lability ® Fung Corporation gives three weeks' paid va ation to each ermployee who has worked at the company for one year Based on studes of employee t mover and prvious o experience, management estimates thet 65 peroent of the employees will quality for vacation pay this year t. Assume that Fumr's July payroll is $300,000, of which $20,000 is peid to employees on vacation. Figure the estimated employee vacation benefit for the month. Round all intermediate caloulations to three decimal places. Assume there are 52 weeks in a year 10920 # Hints 2. Prepare a journal entry to record the emplayee benef for July 7 6 8 9 4

Explanation / Answer

Ans : Estimated Employes vacation benefit = 300000x 65% x 3/52 = $ 11250

Ans 2:

      Journal Entry:

   1.       vacation expenses                  Dr        11250

                                   to vacation expenses payable           11250

2.      Vacation Expenses payable       Dr 20000

                      To cash                                                  20000

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