Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $920, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Payable for $128295 and credit Salaries and Wages Expense for $128295. No journal entry required. Debit Salaries and Wages Expense for $128800 and credit Salaries and Wages Payable for $128800. Debit Salaries and Wages Expense for $64400 and credit Salaries and Wages Payable for $64400.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $920, what is the required journal entry to accrue compensated absences?

Debit Salaries and Wages Payable for $128295 and credit Salaries and Wages Expense for $128295.
No journal entry required.
Debit Salaries and Wages Expense for $128800 and credit Salaries and Wages Payable for $128800.
Debit Salaries and Wages Expense for $64400 and credit Salaries and Wages Payable for $64400.
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