Adjusting Entries: Accrued Expenses Video Lessons

Video Thumbnail

Concept

Problem: The estimated time of accrued vacation time for employees is $63,500 for the period. The required adjusting entry will include a: A) debit to Compensation Expense and a credit to Cash for $63,500. B) debit to Accrued Vacation Liability and a credit to Cash for $63,500. C) debit to Compensation Expense and a credit to Accrued Vacation Liability for $63,500. D) debit to Compensation Expense and a credit to Accounts Payable for $63,500.

FREE Expert Solution
Problem Details

The estimated time of accrued vacation time for employees is $63,500 for the period. The required adjusting entry will include a:

A) debit to Compensation Expense and a credit to Cash for $63,500.

B) debit to Accrued Vacation Liability and a credit to Cash for $63,500.

C) debit to Compensation Expense and a credit to Accrued Vacation Liability for $63,500.

D) debit to Compensation Expense and a credit to Accounts Payable for $63,500.

Frequently Asked Questions

What scientific concept do you need to know in order to solve this problem?

Our tutors have indicated that to solve this problem you will need to apply the Adjusting Entries: Accrued Expenses concept. You can view video lessons to learn Adjusting Entries: Accrued Expenses. Or if you need more Adjusting Entries: Accrued Expenses practice, you can also practice Adjusting Entries: Accrued Expenses practice problems.

What is the difficulty of this problem?

Our tutors rated the difficulty ofThe estimated time of accrued vacation time for employees is...as medium difficulty.