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HOME: Cross Crossy Co. pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the
HOME: Cross Crossy Co. pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, 2019 was for the week ended December 25, 2019. The payroll for the week ended January 1, 2019 included regular weekly salaries of $100,000 and vacation pay of $25,000 for vacation time earned in 2019 not taken by December 31, 2019. Cross Crossy had accrued a liability of $25,000 for vacation pay December 31, 2018. In its December 31, 2019 balance sheet, what amount should Cross Crossy report as accrued salary and vacation pay? What is the entry to record accrued salary
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