The estimated time of accrued vacation time for employees is $63,500 for the period. The required adjusting entry will include a:
A) debit to Compensation Expense and a credit to Cash for $63,500.
B) debit to Accrued Vacation Liability and a credit to Cash for $63,500.
C) debit to Compensation Expense and a credit to Accrued Vacation Liability for $63,500.
D) debit to Compensation Expense and a credit to Accounts Payable for $63,500.
Answer: C
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