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Grinnell Closets, Inc. employs 6 4 employees earning an average of $ 1 , 2 0 0 per week. The company awards each employee three
Grinnell Closets, Inc. employs employees earning an average of $ per week. The company awards each
employee three weeks of vacation per year. Vacation days neither accumulate nor vest if not taken in the year
earned. During the current year, of Grinnell's employees took their full weeks while the other employees were
unable to take any vacation this year. Prepare the journal entry necessary to record Grinnell's vacation pay. Record
debits first, then credits. Exclude explanations from journal entries.
Cash
Cost of Goods Sold
Liability for Compensated Absences
Prepaid Wage Expense
Vacation Wage Expense
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