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McFriend has 50 employees who are paid an average of $176 per day. The company allows 15 paid vacation days per year. Assume that McFriend

McFriend has 50 employees who are paid an average of $176 per day. The company allows 15 paid vacation days per year. Assume that McFriend Inc. has recorded a liability for compensated absences according to its vacation policy. For the August 31 payroll, McFriend pays its employees $120,000 for time worked and $10,000 for vacation taken. Required: Prepare the journal entry to record McFriends August 31 payroll.

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