At the end of April, Hernandez Company had a balance of $37,910 in the vacation benefits...
At the end of April, Hernandez Company had a balance of $37,910 in the vacation benefits payable account. During May, employees earned an additional $2,950 in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation benefits. The $2,060 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date?
If an amount box does not require an entry, leave it blank or enter "0".
| Account | Debit | Credit |
| Vacation Benefits Expense | ||
| Vacation Benefits Payable |
Homework Answers
| Particulars | Debit | Credit |
| Vacation Expense | $890 | |
| Vacation Benefits Payable | $890 | |
| Vacation Benefits Earned by employees during May | $2,950 | |
| Vacation Benefits availed by employees during May | $2,060 | |
| Difference to be charged to Vacation Expenses as additional expenses for May | $890 |
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Need this done asap. Thanks in advance!
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Part 2:
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Need this done asap. Thanks in advance!
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