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Chavez Company's salaried employees earn four weeks' vacation per year. Chavez...

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Accounting

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Chavez Company's salaried employees earn four weeks' vacation per year. Chavez estimated and must expense $7.500 of accrued vacation benefits for the year. (a) Prepare the December 31 year-end adjusting entry for accrued vacation benefits. (b) Prepare the entry on April 1 of the next year when an employee takes a one-week vacation and is paid $570 cash for that week. Journal entry worksheet

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