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Prepare journal entry to record estimated vacation pay

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Question - MGB Company has a weekly payroll of $30,500 and grants two weeks' vacation after one year's employment, which amounts to 4% of annual pay. Based on past turnover rates, the employer estimates that 70 percent of employees actually will be granted vacation time.

Required - Prepare a general journal entry to record the estimated vacation pay resulting from the weekly payroll?

Reference no: EM132547002

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