Bad Hair Day Salon has 70 employees who work 8-hour days and are paid hourly....
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Bad Hair Day Salon has 70 employees who work 8-hour days and are paid hourly. On January 1, 2022, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in 2022 may first be taken on January 1, 2023.
The employees earned $20.50 in 2022 and $22.50 in 2023. No vacation days were taken in 2022 and each employee took 8 vacation days in 2023.
a) Record the adjusting journal entry on 12/31/22 for the accrued vacation time.
b) Record the payment to employees when the accrued vacation time is used in 2023.
c) Record the adjusting journal entry on 12/31/23 for accrued vacation time assuming employees earned an additional 10 days during 2023.
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