A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's. vacation pay is 584,000 a. Journalize the adjusting entry required on Jansary 31 , the end of the first month of the current year, to record the acerued vacation pay. If an amount box does not. require an entry, leave it blank b. How is the yacation pay reported on the company's balance sheet? , unless employees are allowed to accumulate their vacation pay, for use in future years When is this amount removed from the company's balance sheet