Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits?
A. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
D. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.
Answer: B
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In contract law, a minor is someone under the age of 21.
Answer the following statement true (T) or false (F)
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