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Prepare the december adjusting entry

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Question - Gyro International 10,000 employees. Each employee earns 3 weeks of paid vacation per year. Vacation time not taken in the year earned can be carried over to subsequent years. During 2020, 2,800 employees took their 3 weeks' vacation, but at the end of the year, 7,200 employees had vacation time carryovers as follows:

5,000 had 1 week remaining

1,200 had 2 weeks remaining

1,000 had 3 weeks remaining

Each employee earns $500 per week.

Prepare the December 31, 2020 adjusting entry for future vacation pay.

Reference no: EM133002506

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