Bellward Company grants vacation time of two weeks to those employees who have worked for the company one complete year. After 10 years of service, employees receive four weeks of vacation. The monthly payroll for January totals $320,000, of which 70% is payable to employees with 10 or more years of service. On January 31, record the January expense arising from the vacation policy of the company. (Round the final answers to the nearest whole dollar.) No 1 Date Jan 31 Benefits expense General Journal Estimated vacation payable ✓ Debit 96,000 X Credit 96,000 x

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
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Bellward Company grants vacation time of two weeks to those employees who have worked for the company one complete year. After
10 years of service, employees receive four weeks of vacation. The monthly payroll for January totals $320,000, of which 70% is
payable to employees with 10 or more years of service. On January 31, record the January expense arising from the vacation policy of
the company. (Round the final answers to the nearest whole dollar.)
No
1
Date
Jan 31
Benefits expense
General Journal
Estimated vacation payable
Debit
96,000 X
Credit
96,000 X
Transcribed Image Text:Bellward Company grants vacation time of two weeks to those employees who have worked for the company one complete year. After 10 years of service, employees receive four weeks of vacation. The monthly payroll for January totals $320,000, of which 70% is payable to employees with 10 or more years of service. On January 31, record the January expense arising from the vacation policy of the company. (Round the final answers to the nearest whole dollar.) No 1 Date Jan 31 Benefits expense General Journal Estimated vacation payable Debit 96,000 X Credit 96,000 X
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