Answer:
The adjusting entry is as follows:
Transaction | General Journal | Debit | Credit |
1 | Salaries and Wages expenses Dr. | $ 12,600 | |
To liability - Compensated future absences | $ 12,600 | ||
(To record adjusting entry for vacations earned but not taken) |
Working Note:
Total Non- Vacation wages in 2021= Total wages paid to employees in 2021 - Total Vacation wages paid in 2021
= $848400 - $8400
= $840000
Vacation pay earned in 2021 = Total Non- vacation wages x 1 hour/40 hour work period
= $840000 x 1/40
= $21000
Vacation pay carried over = Vacation pay earned in 2016 - Vacation pay taken in 2021
= $21000 - $8400
= $12600
Muller Company's employees eam vacation time at the rate of 1 hour per 40-hour work period....
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