Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $1,500 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?
A. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
B. Debit Prepaid Benefits Payable $1,500; credit Vacation Benefits Expense $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation $1,500.
Answer: A
You might also like to view...
Equipment with a cost of $160,000, an estimated residual value of $40,000, and an estimated life of 15 years wasdepreciated by the straight-line method for 4 years. Due to obsolescence, it was determined that the remaining useful lifeshould be shortened by 3 years and the residual value changed to zero. The depreciation expense for the currentand future years is
a. $16,000 b. $11,636 c. $11,000 d. $8,000
In terms of the relationship between message strategies and the hierarchy of effects model, affective message strategies are best suited to develop awareness, liking and preference for a particular product or brand
Indicate whether the statement is true or false
What does level zero refer to?
A. The time an incident first occurs. B. The service desk using remote control to resolve incidents. C. The first point of contact for customers. D. Customers solving incidents on their own.
Consent, self-defence and provocation can be complete defences to a claim of assault and battery
Indicate whether the statement is true or false