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The employees of Parma Company are entitled to one day's vacation for each month worked. The average daily pay for each of the 50 employees is $130. The adjusting entry to record the vacation expense f $6,500 ($130 x 50) at the end of each month is: Vacation Benefits Expense Vacation Benefits Payable 6,500.00 At the end of April, Hernandez Company had a balance of $36,950 in the vacation benefits payable account. During May, employees earned an additional $2,810 in vacation benefits, but some employees used vacation days that amounted to $1,890 of the vacation benefits. The $1,890 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? Account 6,500.00 Vacation Benefits Payable If an amount box does not require an entry, leave it blank. Debit Credit

The employees of Parma Company are entitled to one day's vacation for each month worked. The average daily pay for each of the 50 employees is $130. The adjusting entry to record the vacation expense f $6,500 ($130 x 50) at the end of each month is: Vacation Benefits Expense Vacation Benefits Payable 6,500.00 At the end of April, Hernandez Company had a balance of $36,950 in the vacation benefits payable account. During May, employees earned an additional $2,810 in vacation benefits, but some employees used vacation days that amounted to $1,890 of the vacation benefits. The $1,890 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? Account 6,500.00 Vacation Benefits Payable If an amount box does not require an entry, leave it blank. Debit Credit

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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Mk. 121.

The employees of Parma Company are entitled to one day's vacation for each month worked. The average daily pay for each of the 50 employees is $130. The adjusting entry to record the vacation expense of $6,500 ($130 x 50) at the end of each month is: Vacation Benefits Expense Vacation Benefits Payable 6,500.00 At the end of April, Hernandez Company had a balance of $36,950 in the vacation benefits payable account. During May, employees earned an additional $2,810 in vacation benefits, but some employees used vacation days that amounted to $1,890 of the vacation benefits. The $1,890 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? Account 6,500.00 Vacation Benefits Payable If an amount box does not require an entry, leave it blank. Debit Credit
Transcribed Image Text:The employees of Parma Company are entitled to one day's vacation for each month worked. The average daily pay for each of the 50 employees is $130. The adjusting entry to record the vacation expense of $6,500 ($130 x 50) at the end of each month is: Vacation Benefits Expense Vacation Benefits Payable 6,500.00 At the end of April, Hernandez Company had a balance of $36,950 in the vacation benefits payable account. During May, employees earned an additional $2,810 in vacation benefits, but some employees used vacation days that amounted to $1,890 of the vacation benefits. The $1,890 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? Account 6,500.00 Vacation Benefits Payable If an amount box does not require an entry, leave it blank. Debit Credit
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