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Davis Chemical Co. has 8, 000 employees. Each employee earns 2 weeks of paid vacation per year. Vacation time not taken in the year earned
Davis Chemical Co. has 8, 000 employees. Each employee earns 2 weeks of paid vacation per year. Vacation time not taken in the year earned can be carried over to subsequent years. During 2018, 2, 500 employees took both weeks' vacation, but at the end of the year, 5, 500 employees had vacation time carryovers as follows: Compensation averaged $600 per week in 2018 and $630 per week in 2019. All vacation carried over was taken in 2019. Prepare the appropriate journal entries for 2018 and 2019 based upon the available information
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