Bellward Company grants vacation time of two weeks to those employees who have worked for the company one complete year. After 10 years of service, employees receive four weeks of vacation. The monthly payroll for January totals $320,000, of which 70% is payable to employees with 10 or more years of service. On January 31, record the January expense arising from the vacation policy of the company. (Round the final answers to the nearest whole dollar.) No 1 Date Jan 31 General Journal Benefits expense Estimated vacation payable Debit 96,000 Credit 96,000
Bellward Company grants vacation time of two weeks to those employees who have worked for the company one complete year. After 10 years of service, employees receive four weeks of vacation. The monthly payroll for January totals $320,000, of which 70% is payable to employees with 10 or more years of service. On January 31, record the January expense arising from the vacation policy of the company. (Round the final answers to the nearest whole dollar.) No 1 Date Jan 31 General Journal Benefits expense Estimated vacation payable Debit 96,000 Credit 96,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bellward Company grants vacation time of two weeks to those employees who have worked for the company one complete year. After
10 years of service, employees receive four weeks of vacation. The monthly payroll for January totals $320,000, of which 70% is
payable to employees with 10 or more years of service. On January 31, record the January expense arising from the vacation policy of
the company. (Round the final answers to the nearest whole dollar.)
No
1
Date
Jan 31
Benefits expense
General Journal
Estimated vacation payable
Debit
96,000 X
Credit
96,000 X
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