Kasten Inc. provides paid vacations to its employees. At December 31, 2014, 30 employees have each earned 2 weeks of vacation time. The employees average salary is $500 per week. In the first half of 2015, Kasten Inc. pays 14 weeks of vacation time used when the average employee salary was $520 per week. Prepare Kastens December 31, 2014, adjusting entry and also the entry in 2015 to pay vacation time used.

Using: Compensated Absence Expense, Compensated Absence Payable, Cash, Wages Payable, and Salaries Payable for Accounts

Kasten Inc. provides paid vacations to its employees. At December 31, 2014, 30 employees have each earned 2 weeks of vacation time. The employees' average salary is $500 per week. In the first half of 2015, Kasten Inc. pays 14 weeks of vacation time used when the average employee salary was $520 per week. Prepare Kasten's December 31, 2014, adjusting entry and also the entry in 2015 to pay vacation time used. December 31, 2014 adjusting entry: Accounts Debit Credit [ Select ] [ Select] [ Select ] [ Select] 2015 journal entry for used vacation time: Accounts Debit Credit [ Select] [ Select] [ Select] [ Select] [ Select] [ Select]