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Roy Industries has eight employees. Each employee earns two vacation days a month. Roy pays...

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Question

Accounting

Roy Industries has eight employees. Each employee earns two vacation days a month. Roy pays its employees a weekly salary of $1,000 for a five-day workweek.
Requirements
Determine the amount of vacation expense for one month.
Journalize the entry to accrue the vacation expense for the month.
Requirement 1. Determine the amount of vacation expense for one month.
Select the correct formula and calculate Roy Industries' vacation expense for one month. (Abbreviations used: Ees = Employees; Mo.= Month; Wk.= Week.)
Mo. vacation e]
Requirement 2. Journalize the entry to accrue the vacation expense for the month. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
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