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Ans:
Answer:
The adjusting entry is as follows:
| Transaction | General Journal | Debit | Credit |
| 1 | Salaries and Wages expenses Dr. | $ 4,600 | |
| To liability - Compensated future absences | $ 4,600 | ||
| (To record adjusting entry for vacations earned but not taken) |
Working Note:
Total Non- Vacation wages in 2021= Total wages paid to employees in 2021 - Total Vacation wages paid in 2021
= $414,000 - $4500
= $409,500
Vacation pay earned in 2021 = Total Non- vacation wages x 1 hour/45 hour work period
= $409,500 x 1/45
= $9100
Vacation pay carried over = Vacation pay earned in 2021 - Vacation pay taken in 2021
= $9100 - $4500
= $4600
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