Knowledge Check 01 Assume that salaried employees of Mayer, Inc., earn 2 weeks of vacation per year. The salaried employees accrue a total of $160 each pay period. Mayer's first payroll of the year is on January 7. Prepare the January 7 journal entry for Mayer by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Vacation Benefits Expense$160  

           To Vacation Benefits Payable  $160

Explanation:

The journal entry is shown below:

Vacation Benefits Expense$160  

           To Vacation Benefits Payable  $160

(Being vacation pay expense is recorded)  

For recording this we debited the vacation benefits expense as it increased the expense and credited the vacation benefit payable as it also increased the liabilities

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.