Buffalo Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 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 by Each Employee 2019 2020 2019 2020 0 105 6 2019 $7 2020 $8 Buffalo Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. - Your answer is partially correct. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 7392 Salaries and Wages Payable 7392 (To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Payable 2688 Cash 2688 (To record payment for compensated time when used by employees) 2020 Salaries and Wages Expense 8448 | Salaries and Wages Payable 8448 (To accrue the expense and liability for vacations) Salaries and Wages Expense 5376 5376 Salaries and Wages Payable 5376 (To accrue the expense and liability for sick pay) Salaries and Wages Expense 864 Salaries and Wages Expense Salaries and Wages Payable 6048 Cash 6912 (To record vacation time paid) Salaries and Wages Expense 480 Salaries and Wages Payable 3360 Cash 3840 (To record sick leave paid) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. 2019 2020 Vacation Wages Payable Sick Pay Wages Payable