Athens Company's salaried employees earn two weeks of vacation per year. The company estimated and must expense $8,400 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?

Multiple Choice

• Debit Vacation Benefits Payable $8,400; credit Vacation Benefits Expense $8,400.

• Debit Vacation Benefits Expense $8,400; credit Vacation Benefits Payable $8,400.

• Debit Vacation Benefits Expense $18,300; credit Vacation Benefits Payable $18,300.

• Debit Vacation Benefits Expense $18,960; credit Vacation Benefits Payable $18,960.

• Debit Vacation Benefits Payable $18,300; credit Vacation Benefits Expense $18,300.