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Prepare the entry on april of the next year

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Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare the journal entry to record a $16,000 bonus owed (but not yet paid) to its workers at calendar year-end. Chavez estimated and must expense $7,000 of accrued vacation benefits for the year.

Problem 1: Prepare the December 31 year-end adjusting entry for accrued vacation benefits.

Problem 2: Prepare the entry on April 1 of the next year when an employee takes a one-week vacation and is paid $380 cash for that week.

Reference no: EM132919071

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