BONUS AND VACATION PAY

CoursHeroTranscribedText: E3-14 Accounting for bonus and vacation pay Cathy Muench a factory worker, earns $1,000 each week. In addi- tion, she will receive a $4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee