Show Me How Print Item Accrued vacation pay Instructions Chart of Accounts Journal Final question Instructions A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pays $42,000 Required: a. Journalize the adjusting entry required on January 31. the end of the first month of the current year to record the accrued vacation pay Refer to the Chart of Accounts for exact wording of account titles b. How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet? Check My Work 1 more Chuck My Work uses remaining Innment ne All work saved Instructions Chart of Accounts Journal Final question Instructions Journal Shaded cells he feedback a Joumalize the adjusting entry required on January 31, the end of the first month of the current year to record the accrued vacation pay. Refer to the Chart of Accounts for exact wording of account Ntles How does grading work? PAGES JOURNAL Score: 25/25 ACCOUNTING EQUATION POST RER DEBIT CREDIT LIABILITIES EQUITY DATE DESCRIPTION Adjusting Entries lan 31 Vacation Pay Expense Vacation Pay Payable 2 3.500.00 1 3 3,500.00 1 Check My Work more Check My Work uses remaining ssignment Score: 74.75% All work saved. Instructions Chart of Accounts Journal Final question Instructions Journal a Final question wa Shaded cells have feedback b. How is the vacation pay reported on the company's balance sheet? H As a long-term liability X , unless employees are allowed to accumulate their vacation pay for use in future years. > Points: 0/1 1 When is this amount removed from the company's balance sheet? When employees are paid Points 0/1 Check My Work 1 more Check My Work uses remaining, All work sayed