Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tryst Inc. has a policy of accruing $1,500 for every employee as a vacation benefit. Sarah, an employee, took a vacation. Which of the following

Tryst Inc. has a policy of accruing $1,500 for every employee as a vacation benefit. Sarah, an employee, took a vacation. Which of the following is the correct journal entry for the vacation benefit paid?

Vacation Benefit Payable 1,500
Cash 1,500
Vacation Benefit Expense 1,250
Vacation Benefit Payable 1,250
Vacation Benefit Payable 1,250
Vacation Benefit Expense 1,250
Vacation Benefit Expense 1,500
Cash 1,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

5th Edition

1618531654, 9781618531650

More Books

Students also viewed these Accounting questions

Question

What is the logit transformation for a probability ?????

Answered: 1 week ago