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MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2016, total wages paid to employees equaled $868, 600, including $8, 600 for vacations actually taken in 2016, but not including vacations related to 2016 that will be taken in 2017. All vacations earned before 2016 were taken before January 1, 2016. No accrual entries have been made for the vacations.

Prepare the appropriate adjusting entry for vacations earned but not taken in 2016.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92759336

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