Monty Inc. provides paid vacations to its employees. At December 31, 2017, 20 em

Question

Monty Inc. provides paid vacations to its employees. At December 31, 2017, 20 employees have each earned 2 weeks of vacation time. The employees’ average salary is $550 per week. Prepare Monty’s December 31, 2017, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Account title Debit Credit Salaries and wages expenses ($550*2) $ 1,100 Salaries and wages payable $ 1,100 (To record 2 week vacation salaries to employees)

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