Answer:
Given that,
Number of employees who work for 8-hours a day = 15
Annual paid leaves for each employee = 10
Average hourly wage rate(2017) = $24.00
Average hourly wage rate(2018) = $25.50
Average vacation days used by each employee in 2018 = 9
Therefore, the Journal entries are as follows:
(1) On 2017,
Wages expense A/c Dr. $28,800
To vacation wages payable $28,800
( 15 × 8 hrs × 10 days × 24)
(vacation wages)
(2) On 2018,
Wages expense A/c Dr. $1,620
Vacation wages payable(15 × 8 hrs × 9 days × 24) Dr. $25,920
To cash ( 15 × 8 hrs × 9 days × 25.50) $27,540
(cash paid for vacation wages)
(3) On 2018,
Wages expense A/c Dr. $30,600
To vacation wages payable $30,600
( 15 × 8 hrs × 10 days × 25.50)
(vacation wages due in 2018)
The journal entries to record the transactions related to paid vacation days during 2017 and 2018 is: Debit Wages expense $28,800; Credit Vacation wages payable $28,800.
Snow Co. journal entries
1. 2017
Debit Wages expense $28,800
Credit Vacation wages payable $28,800
( 15 × 8 hours × 10 days × 24)
2. 2018
Debit Wages expense $1,620
Debit Vacation wages payable $25,920
(15 × 8 hours × 9 days × 24)
Credit Cash $27,540
(15 × 8 hours × 9 days × 25.50)
3. 2018
Debit Wages expense $30,600
Credit Vacation wages payable $30,600
( 15 × 8 hours × 10 days × 25.50)
Inconclusion the journal entries to record the transactions related to paid vacation days during 2017 and 2018 is: Debit Wages expense $28,800; Credit Vacation wages payable $28,800.
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