Crane provides its employees two weeks of paid vacation per year. As of December 31,70 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $800, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Expense for $112000 and credit Salaries and Wages Payable for $112000. Debit Salaries and Wages Payable for $111495 and credit Salaries and Wages Expense for $111495. Debit Salaries and Wages Expense for $56000 and credit Salaries and Wages Payable for $56000. No journal entry required