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What is the monthly vacation accrual journal entry

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Reference no: EM133145321

Question - Gilles Morin works for Brandon Interiors in Manitoba and earns $1,500.00 semi-monthly. He is entitled to 2 weeks of vacation paid at 4% of his vacationable earnings for the year Brandon Interiors processes its journal entries on a monthly basis and at month-end, the payroll administrator prepares the journal entries for payroll. One of these transactions is to record the vacation pay accrued for the month.

1. What is the monthly vacation accrual Journal entry?

2. If he decides to take his 2 weeks vacation in the next year, what will be the journal entry to record his vacation pay?

Reference no: EM133145321

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