Tryst Inc. has a policy of accruing $1,500 for every employee as a vacation benefit. Sarah,...
Tryst Inc. has a policy of accruing $1,500 for every employee as a vacation benefit. Sarah, an employee, took a vacation. Which of the following is the correct journal entry for the vacation benefit paid?
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Homework Answers
Solution:
Correct journal entry for the vacation benefit paid is as under:
| Account Title | Debit | Credit |
| Vacation Benefit Payable | $1,500 | |
| Cash | $1,500 |
Hence First option is correct.
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