Qualpoint provides its employees two weeks of paid vacation per year. As of December 31, 65...
Qualpoint provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $1,140, what is the required journal entry?
| Debit Salaries and Wages Payable for $147,600 and credit Salaries and Wages Expense for $147,600. |
| Debit Salaries and Wages Expense for $74,100 and credit Salaries and Wages Payable for $74,100. |
| Debit Salaries and Wages Expense for $148,200 and credit Salaries and Wages Payable for $148,200. |
| No journal entry required. |
Homework Answers
Answer:
Wages expense = $1140 * 65 employees * 2 weeks = $148200
Journal Entry:
Salary and Wages Expense Dr. 148200
To Salaries and wages payable........................148200
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