in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation benefits. The $2,060 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At the end of April, Hernandez Company had a balance of $37,910 in the vacation benefits payable account. During May, employees earned an additional $2,950 in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation benefits. The $2,060 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date?

 

If an amount box does not require an entry, leave it blank or enter "0".

 

Account Debit Credit

Vacation Benefits Expense  

       Vacation Benefits Payable

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