On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation...

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On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the st

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Transaction	Account Title	Debit	Credit
1	Wages exp	$ 630,000		700*900
	Liability - Compensated future absencse		$ 630,000
	( To record adjusting entry for vacations earned not taken in 2021 )

2	Liability - Compensated future absencse	$ 630,000
	Wages exp (630000*4% )	$ 25,200	$ 655,200	630000*4%
	Cash
	( To record payment of 2021 vacation taken in 2022 )

	Wages exp	$ 3,30,00,000
	Cash		$ 3,30,00,000
	( To record Payment of salaries of 2022)

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