Accrued vacation pay Instructions Chart of Accounts Journal Final question Instructions 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 $60,000 Required: a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. Refer to the Chart of Accounts for exact wording of account titles, b. How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet? Instructions Journal 2. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. Refer to the Charto exact wording of account titles. ACCOUNTING EQS JOURNAL POST. REF DEBIT CREDIT ASSETS LUABILITIES DATE 1 DESCRIPTION Adjusting Entries I 2 3 astructions ournal Final question b. How is the vacation pay reported on the company's balance sheet? unless employees are allowed to accumulate their vacation pay for use in future yoars. When is this amount removed from the company's balance sheet