Exercise 13-3 Sage Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 8 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 by Each Employee Sick Days Used by Each Employee 2016 2017 2016 2017 2016 2017 $8 $9 0 9 6 7 Sage 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. Partially correct answer. Your answer is partially correct. Try again. Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017.
Salary Payable 1 4096 4096 (To accrue the expense and liability for sick pay) Salary Payable 3072 Cash 3072 (To record payment for compensated time when used by employees) x2 2017 IIS Salary Expense 5760 1 Salary Payable 5760 (To accrue the expense and liability for vacations) Salary Payable 4608 Salary Expense 4608 (To accrue the expense and liability for sick pay) Salary Expense 576 Salary Payable 4608 con Cash 5184 (To record vacation time paid) Salary Payable 448 Salary Expense 3584 Cash 4032 (To record sick leave paid) SHOW LIST OF ACCOUNTS LINK TO TEXT x Your answer is incorrect. Try again. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. 2016 2017 Vacation Wages Payable Sick Pay Wages Payable Exercise 13-3 Sage Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 8 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 by Each Employee Sick Days Used by Each Employee 2016 2017 2016 2017 2016 2017 $8 $ 9096 Sage 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. Try again. Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (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.) Debit Credit Date Account Titles and Explanation 2016 Tsalary Expense Salary Payable 5120 (To accrue the expense and liability for vacations) Salary Expense oliure 01 tobor 0 Son Taliabte Doceniodicif loborilo o Conce Salary Payable 1 4096 4096 (To accrue the expense and liability for sick pay) Salary Payable 3072 Cash 3072 (To record payment for compensated time when used by employees) x2 2017 IIS Salary Expense 5760 1 Salary Payable 5760 (To accrue the expense and liability for vacations) Salary Payable 4608 Salary Expense 4608 (To accrue the expense and liability for sick pay) Salary Expense 576 Salary Payable 4608 con Cash 5184 (To record vacation time paid) Salary Payable 448 Salary Expense 3584 Cash 4032 (To record sick leave paid) SHOW LIST OF ACCOUNTS LINK TO TEXT x Your answer is incorrect. Try again. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. 2016 2017 Vacation Wages Payable Sick Pay Wages Payable Exercise 13-3 Sage Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 8 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 by Each Employee Sick Days Used by Each Employee 2016 2017 2016 2017 2016 2017 $8 $ 9096 Sage 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. Try again. Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (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.) Debit Credit Date Account Titles and Explanation 2016 Tsalary Expense Salary Payable 5120 (To accrue the expense and liability for vacations) Salary Expense oliure 01 tobor 0 Son Taliabte Doceniodicif loborilo o Conce
