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On January 1 , 2 0 2 4 , Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the
On January Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December Poplar Fabricators' employees each earned an average of $ per week. Seven hundred vacation weeks earned in were not taken during
Required:
Prepare the appropriate adjusting entry for vacations earned but not taken in
Suppose that, by the time vacations actually are taken in salary rates for employees have risen by an average of percent from their level. Also, assume salaries earned in including vacations earned and taken in were $ million. Prepare a journal entry that summarizes salaries and the payment for vacations taken in
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Prepare the appropriate adjusting entry for vacations earned but not taken in
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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