CalCount Provides Its Employees Two Weeks of Paid Vacation Per

Multiple Choice

CalCount provides its employees two weeks of paid vacation per year.As of December 31, 65 employees have earned two weeks of vacation time to be taken the following year.If the average weekly salary for these employees is $950, what is the required journal entry?

A) Debit Wages Expense for $123,500 and credit Vacation Wages Payable for $123,500.
B) No journal entry required.
C) Debit Vacation Wages Payable for $123,000 and credit Wages Expense for $123,000.
D) Debit Wages Expense for $61,750 and credit Vacation Wages Payable for $61,750.