Logitech Company pays its employees for two weeks of vacation each year. The company estimated and must expense $9,160 of accrued vacation benefits for the year. Prepare the year-end adjusting entry to record accrued vacation benefits.

What will be an ideal response?



Vacation Benefits Expense.…….……..…….…9,160
Vacation Benefits Payable….……..…….…….….……..9,160

Business

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The company determines that the interest expense on a note payable for the period ending December 31 is $775 . This amount is payable on January 1 . Prepare the journal entries required on December 31 and January 1

Business