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Bridgeport Limited began operations on January 2, 2022. Bridgeport employs 15 individuals who work eight-hour days and are paid hourly. Each employee earns 12
Bridgeport Limited began operations on January 2, 2022. Bridgeport employs 15 individuals who work eight-hour days and are paid hourly. Each employee earns 12 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows: Actual Hourly Wage Rate Vacation Days Used Sick Days Used by Each Employee by Each Employee 2022 2023 2022 2023 2022 2023 $23 $24 0 11 5 Bridgeport 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. For the purpose of this question, ignore any tax, CPP, and El deductions when making payments to the employees. Prepare the journal entries to record the transactions related to vacation entitlement during 2022 and 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To accrue the vacation pay entitlement earned by the employees) (To record payment for vacation time) Debit Credit
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