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What is the required journal entry

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Question - Lotus provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is P950, what is the required journal entry?

Debit Salaries and Wages Payable for P123,000 and credit Salaries and Wages Expense for P123,000.

Debit Salaries and Wages Expense for P61,750 and credit Salaries and Wages Payable for P61,750.

Debit Salaries and Wages Expense for P123,500 and credit Salaries and Wages Payable for P123,500.

No journal entry required.

Reference no: EM133183301

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