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Chrome File Edit View History Bookmarks People Window Help 43%D Fri 11:36 AM QE CengageNOWv2 | Online teaching and learning resource from Cengage Learning v2.cengagenow com rn takeAssignment takeAssignmentMan.do? n okers&ta; e AssignmentSessionLocator: assignment take& progress-fase Chapter 10 Assignment eBook Show Me How Calculator Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current years vacation pay is $93,000 Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. b. How is the vacation pay reported on the company's balance sheet? unless employees are allowed to accumulate their vacation pay for use in future years. When is this amount removed from the company's balance sheet? Check My Work Previous Next

Explanation / Answer

A Vacation Pay Expense 7750 =93000/12          Vacation Pay Expense 7750 B Vacation pay is reported as a current liability on the balance sheet C When employees take vacations, the liability for vacation pay is lowered

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