A business provides its employees with varying amounts of vacation per year, depending on the...
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Accounting
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $42,000.
a-Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b-How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet?
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