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David Industries has four employees
David Industries has four employees. Each employee earns two vacation days a month. David pays its employees a weekly salary of $1,000 for a five-day workweek. Requirements 1. Determine the amount of vacation expense for one month. 2. Journalize the entry to accrue the vacation expense for the month. Requirement 1. Determine the amount of vacation expense for one month. Select the correct formula and calculate David Industries' vacation expense for one month. (Abbreviations used: Ees = Employees, Mo. = Month; Wk. = Week.) Mo, vacation exp. Se the explanation on the last line of the journal entry ta Requirement 2. Journa Weekly salary x # of ees x # of vacation days earned each mo. Date (Weekly salary x # of wks, in the mo.) / (# of ees) (Weekly salary / # of days in the wk.) x (# of ees x # of vacation days earned each mo.) (Weekly salary / # of days in the wk.) x # of days in mo. (Weekly salary / # of days in the wk.) x (# of days in mo. /# of ees) M
David Industries has four employees. Each employee earns two vacation days a month. David pays its employees a weekly salary of $1,000 for a five-day workweek. Requirements 1. Determine the amount of vacation expense for one month. 2. Journalize the entry to accrue the vacation expense for the month. Requirement 1. Determine the amount of vacation expense for one month. Select the correct formula and calculate David Industries' vacation expense for one month. (Abbreviations used: Ees = Employees, Mo. = Month; Wk. = Week.) Mo, vacation exp. Requirement 2. Journalize the entry to accrue the vacation expense for the month. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit M
Expert Solution
Answer
1.Monthly vacation expense=(Weekly salary/ Number of days in week)*(Number of employees*Number of vacation days in a month)
Monthly vacation expense=(1,000/5)*(4*2)
=200*4*2
Monthly vacation expense=$1,600
2.
| Date | General Joural | Debit | Credit |
| Vacation expense | $1,600 | ||
| Vacation expense payable | $1,600 | ||
| (To record vacation expense accrued) | |||
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