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I need help with the rest of these. Please show how to do it also! Thanks. Teal Company began operations on January 2, 2019. It
I need help with the rest of these. Please show how to do it also! Thanks.
Teal 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 Wage Rate Vacation Days Used by Each Employee 2019 2020 Sick Days Used by Each Employee 2019 $11 2019 2020 2020 $12 0 10 4 5 Teal 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 $11.50 12.41 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,125.) Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 9680 Salaries and Wages Payable 9680 (To accrue the expense and liability for vacations) Salaries and Wages Expense 5280 Salaries and Wages Payable 5280 (To record sick leave paid) Salaries and Wages Payable 4400 Cash 4400 (To record vacation time paid) 2020 Salaries and Wages Expense 10560 Salaries and Wages Payable 10560 (To accrue the expense and liability for vacations) Salaries and Wages Expense 5760 Salaries and Wages Payable 5760 (To record sick leave paid) Salaries and Wages Expense 800 Salaries and Wages Payable 8800 9600 Cash (To record vacation time paid) Teal 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 Wage Rate Vacation Days Used by Each Employee 2019 2020 Sick Days Used by Each Employee 2019 $11 2019 2020 2020 $12 0 10 4 5 Teal 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 $11.50 12.41 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,125.) Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 9680 Salaries and Wages Payable 9680 (To accrue the expense and liability for vacations) Salaries and Wages Expense 5280 Salaries and Wages Payable 5280 (To record sick leave paid) Salaries and Wages Payable 4400 Cash 4400 (To record vacation time paid) 2020 Salaries and Wages Expense 10560 Salaries and Wages Payable 10560 (To accrue the expense and liability for vacations) Salaries and Wages Expense 5760 Salaries and Wages Payable 5760 (To record sick leave paid) Salaries and Wages Expense 800 Salaries and Wages Payable 8800 9600 Cash (To record vacation time paid)Step by Step Solution
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