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15 Total payroll for a given week is $17,000. If 70 percent of the company's employees typically qualify to receive two weeks' paid vacation per
15 Total payroll for a given week is $17,000. If 70 percent of the company's employees typically qualify to receive two weeks' paid vacation per year (50 weeks), the entry to record estimated liability for vacation pay for the week is Debit Vacation Pay expense 476 Credit Vacation Pay liability a. 476 Debit Vacation Pay expense 680 Credit Vacation Pay liability b. 680 Debit Vacation Pay Liability 238 Credit Vacation pay Liability C. 238 d Debit Vacation Pay Expense 238 Credit Vacation Pay liability 238
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