Multiple Choice
Total payroll for a given week is $24,000.If 70 percent of the company's employees typically qualify to receive two weeks' paid vacation per year,assuming 50 working weeks,the entry to record the estimated liability for vacation pay for the week is:
A) Estimated Liability for Vacation Pay 1,680
Cash 1,680
B) Vacation Pay Expense 960
Cash 960
C) Vacation Pay Expense 672
Estimated Liability for Vacation Pay 672
D) Cash 336
Estimated Liability for Vacation Pay 336
Correct Answer:
Verified
Correct Answer:
Verified
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