Question
Athens Company's salaried employees earn two weeks of vacation per year. The company estimated and must expense $7,800 of accrued vacation benefits for the year.
Athens Company's salaried employees earn two weeks of vacation per year. The company estimated and must expense $7,800 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
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Debit Vacation Benefits Expense $7,800; credit Vacation Benefits Payable $7,800.
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Debit Vacation Benefits Expense $17,700; credit Vacation Benefits Payable $17,700.
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Debit Vacation Benefits Expense $18,360; credit Vacation Benefits Payable $18,360.
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Debit Vacation Benefits Payable $17,700; credit Vacation Benefits Expense $17,700.
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Debit Vacation Benefits Payable $7,800; credit Vacation Benefits Expense $7,800.
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