Concord Company began operations on January 2, 2019. It employs 10 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 2019 2020 $11 $12 Vacation Days Used by Each Employee 2019 2020 0 10 Sick Days Used by Each Employee 2019 2020 5 Concord Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in which Vacation Time Was Earned 2019 2020 Projected Future Pay Rates Used to Accrue Vacation Pay $11.72 12.64 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 tities are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5.125.) Debit Credit 9680 te Account Titles and Explanation 19 Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 9680 3520 Cash 3520 (To record sick leave paid) No Entry 0 20 No Entry (To record vacation time paid) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 4800 Cash 4800 (To record sick leave paid) Salaries and Wages Expense 800 Salaries and Wages Payable 8800 Cash 9600 (To record vacation time paid) (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. (Round answers to 0 decimal places, e.g. 5,125.) 2019 2020 Accrued liability $ 1 e Textbook and Media List of Accounts Concord Company began operations on January 2, 2019. It employs 10 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 2019 2020 $11 $12 Vacation Days Used by Each Employee 2019 2020 0 10 Sick Days Used by Each Employee 2019 2020 5 Concord Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in which Vacation Time Was Earned 2019 2020 Projected Future Pay Rates Used to Accrue Vacation Pay $11.72 12.64 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 tities are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5.125.) Debit Credit 9680 te Account Titles and Explanation 19 Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 9680 3520 Cash 3520 (To record sick leave paid) No Entry 0 20 No Entry (To record vacation time paid) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 4800 Cash 4800 (To record sick leave paid) Salaries and Wages Expense 800 Salaries and Wages Payable 8800 Cash 9600 (To record vacation time paid) (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. (Round answers to 0 decimal places, e.g. 5,125.) 2019 2020 Accrued liability $ 1 e Textbook and Media List of Accounts