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Current Attempt in Progress Shamrock Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly, Each
Current Attempt in Progress Shamrock 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 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 Vacation Days Used Wage Rate by Each Employee Sick Days Used by Each Employee 2019 2020 2019 2020 2019 2020 $11 $12 0 10 Shamrock 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 $11.61 12.53 (a) 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. Round answers to O decimal places, eg. 5,125) Date Account Titles and Explanation 2019 Debit Credit 2020 (To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) 2020 (To record vacation time paid) (To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) eTextbook and Media
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