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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sala joined the company 7 years ago. | She is entitled to 13 weeks of long service leave after completing 10 years of service with the company. | Her current salary is $50,000. Salaries are expected to grow by 2% for the next 5 years. | Sala is 80% certain that she will not leave the company in the next 5 years. | High quality bonds with a 5 year term have an interest rate of 6% and high quality bonds with a 3 year term have an interest rate of 4% Prepare all journal entries relating to long service leave, assuming there is already a balance of $4,000 in the account.
Transcribed Image Text:Sala joined the company 7 years ago. | She is entitled to 13 weeks of long service leave after completing 10 years of service with the company. | Her current salary is $50,000. Salaries are expected to grow by 2% for the next 5 years. | Sala is 80% certain that she will not leave the company in the next 5 years. | High quality bonds with a 5 year term have an interest rate of 6% and high quality bonds with a 3 year term have an interest rate of 4% Prepare all journal entries relating to long service leave, assuming there is already a balance of $4,000 in the account.
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