162 minutes remaining

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\ Monsters inc began operations on January 1, 2020. The company employs 15 monsters whose jobs are to scare little children. They are paid eight hour days and are paid hourly. Each employee earns 15 paid vacation days and 10 paid sick days annually. Vacation days may be taken immediately. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows:\ \\\\table[[\\\\table[[Actual Hourly],[Wage Rate]],\\\\table[[Vaca],[by Ea]],\\\\table[[Days Used],[mployee]],\\\\table[[Sick Days Used],[by Each Employee]]],[

2020,2021

,2020,2021,20202021],[

$10,$11

,10,15,6]]\ Monsters Inc has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when they are earned and to accrue sick pay when it is earned.\ Required:\ Prepare journal entry(ies) to record the transactions related to vacation entitlement during 2020 and 2021.\ Prepare journal entry(ies) to record the transactions related to sick days during 2020 and 2021.\ Calculate the amounts of any liability for vacation pay and sick days that should be reported on the balance sheet December 31, 2020 and 2021.

162 minutes remaining Monsters Inc began operations on January 1, 2020. The company employs 15 monsters whose jobs are to scare little children. They are paid eight-hour days and are paid hourly. Each employee earns 15 paid vacation days and 10 paid sick days annually, Vacation days may be taken immediately. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows: Monsters Inc has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when they are earned and to accrue sick pay when it is earned. Required: 1. Prepare journal entry(ies) to record the transactions related to vacation entitlement during 2020 and 2021. 2. Prepare journal entry(ies) to record the transactions related to sick days during 2020 and 2021. 3. Calculate the amounts of any liability for vacation pay and sick days that should be reported on the balance shee December 31, 2020 and 2021