Arena Company's salaried employees earn two weeks of vacation per year.It pays $858,000 in total employee salaries for 52 weeks but its employees work only 50.Record Arena Company's weekly journal entry to record the vacation expense:
A) Debit Vacation Benefits Expense $16,500; credit Vacation Benefits Payable $16,500.
B) Debit Vacation Benefits Expense $17,160; credit Vacation Benefits Payable $17,160.
C) Debit Vacation Benefits Expense $17,875; credit Vacation Benefits Payable $17,875.
D) Debit Vacation Benefits Payable $17,160; credit Vacation Benefits Expense $17,160.
E) Debit Vacation Benefits Payable $16,500; credit Vacation Benefits Expense $16,500.
Correct Answer:
Verified
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